Peak XV has reaped $1.2B in the year since it split from Sequoia
Peak XV Partners, the largest India and Southeast Asia-focused venture fund, has realized about $1.2 billion in exits since its separation from Sequoia last year, two sources familiar with the matter told TechCrunch.
The investor has sold stakes in nearly a dozen portfolio companies that went public in the past year, including food delivery group Zomato, cosmetics retailer Mamaearth, and spam protection firm Truecaller.
It has also sold holdings in some private startups, including K12 Techno, Pocket Aces, and PingSafe, through secondary transactions and M&A. The firm’s current funds total $2.85 billion.
The flurry of exits comes as India’s stock market reaches record highs, with the country’s equities trading at a significant premium to other emerging markets. Macquarie analysts wrote in a recent note that India’s price-to-earnings ratio stands at about 21 times, compared with 10 times for emerging markets overall, 14.5 times for global markets, 17 times for the U.S., and 8 times for China.
The IPO window has also cracked open in the country, even though the market for new debuts remains subdued in the U.S. and much of the world. Indian firms have raised about $9 billion via IPOs this year, and more are expected to list before the year ends, Bank of America analysts estimate.
