Peak XV has raised $1.3 billion across new India and Asia-focused funds, marking a significant move as venture capital competition intensifies in the region. The firm, which now manages over $10 billion in assets, is doubling down on artificial intelligence and cross-border investments amid growing interest from global VCs in India’s tech ecosystem. The newly raised capital will be deployed across Peak XV’s India seed and venture funds, as well as its Asia-Pacific vehicle, with the majority allocated to India. Managing director Shailendra Singh said the firm expects to deploy the funds over the next two to three years. The investment comes as New Delhi hosts the AI Impact Summit, drawing major players like OpenAI, Anthropic, and Google. At the event, General Catalyst announced plans to invest $5 billion in India over the next five years, significantly expanding its prior commitments. Singh emphasized that Peak XV is not focused on outspending competitors but on delivering strong returns. The firm continues to prioritize high-impact opportunities, particularly in AI, fintech, and consumer tech, while also exploring emerging areas in deep tech. To date, Peak XV has made over 80 investments in AI startups and counts more than 450 portfolio companies across fintech, software, and consumer internet, spanning seed to growth stages. The firm split from Sequoia Capital in 2023 to establish a dedicated India-focused entity, allowing it to operate independently and better serve local founders. Despite recent leadership changes—including the departures of senior partners Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma—Singh affirmed that the leadership team remains strong, with five of its seven managing partners having been with the firm for over a decade. The team includes more than 30 full-time investors, with about a dozen leading key investments. Peak XV has returned over $7 billion in cash to investors since its inception, and 35 of its portfolio companies have gone public. While the firm declined to disclose specific figures since the split from Sequoia, TechCrunch reported in September 2024 that it had returned approximately $1.2 billion in the prior year. The latest fundraise follows a prior $2.85 billion fund raised in late 2021, which was later reduced to around $2.4 billion as part of a disciplined capital strategy. Singh noted that the firm has no plans to raise a new growth fund until more of its existing capital is deployed, particularly in India’s growth-stage segment. Singh also highlighted the strengthening U.S.-India tech relationship, as more Indian founders build global businesses. He said Peak XV sees increasing momentum in startups aiming beyond domestic markets, especially in software, developer tools, and fintech—areas where the firm has deep expertise. While still building its presence in the U.S., the firm remains selective and views its underdog status as an advantage, allowing it to focus on niche opportunities where it can add the most value.