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In Mamaearth, Peak XV finds its fourth 10x return since Sequoia separation

Image Credits: Peak XV Partners
Image Credits: Peak XV Partners

Peak XV Partners discovered its fourth 10x or more significant return in the six months since breaking away from the Sequoia family in the oversubscribed IPO of Mamaearth.

Based on TechCrunch’s examination of Mamaearth’s IPO filings, the venture fund is sitting on a 10x return on its investment. Mamaearth is Peak XV’s twentieth initial public offering (IPO) in India and Southeast Asia, a number that far exceeds the IPO total of other venture firms operating in the same geographies.

According to a person acquainted with the situation, Peak XV has sold off its remaining shares in Zomato, concluding a ten-year journey of more than ten returns with the meal delivery firm.

The company’s complete divestment and dispossession of its shares last week were not previously publicized. Zomato did not answer a comment request. Zomato’s stock increased by 10% on Friday afternoon following the Gurugram-based company’s unexpected second-quarter earnings announcement.

According to the source acquainted with the case and corporate papers, Peak XV also made a 12x-plus return on K12 Techno Services, an edtech company initially funded about ten years ago when the private equity firm Kedaara Capital invested in the business. As per the papers, Peak XV continues to possess a portion of the startup.

Peak XV chose not to respond. The business, which supervises a significantly higher capital volume than any other venture capital firm concentrating on India and Southeast Asia, benefits from the returns. Its capital pool is $2.5 billion. The company has made over 400 investments, and its portfolio includes more than 50 unicorns and roughly 40 companies with annual sales of over $100 million.

Peak XV has escalated its deal-making in the post-Sequoia world despite the general slowdown in the private markets. In August, its executives stated to a group of the founders of its portfolio that they were still optimistic about the area and that they now felt more liberated to take a more aggressive stance.

According to a declaration by the University of California Regents, an LP in Peak XV funds, Peak XV has also recently increased the projected value of four of its six funds. Peak XV has completed twelve agreements since June.

A few days after Sequoia US and its subsidiaries in India and Southeast Asia declared their split, Peak XV successfully sold its Go Colors shares over two years after the company’s IPO. It returned more than 15 times on Go Colors, our investigation found. It also just sold its Quick Heal security business shares, and while TechCrunch was unable to ascertain the firm’s total gains, it did make a profit overall.

Peak XV is now seeking to increase its emphasis on Australia and conduct business in the United States. Recent early-stage surge cohort members of Peak XV included two Australian firms. According to another person familiar with the situation, Neil Shen, the CEO of Sequoia China, evaluated most of the Australian agreements before this. In June of this year, Sequoia China also broke apart from the more prominent Sequoia family.

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