Ex-Peak XV Partners Float Mettle Capital, Target $350-400 Mn India-Focused Fund
Three former Peak XV Partners managing directors, Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma, have launched Mettle Capital, a new India-focused venture capital firm, and are targeting a maiden fund of $350 million to $400 million to back domestic startups, according to multiple media reports on May 14, 2026. The Ex-Peak XV trio launches Mettle Capital, targets a $350–400 million fund to back Indian startups across Series A and Series B rounds, with selective seed-stage participation, and plans to begin deploying capital by September–October 2026.
Mettle Capital’s $350–400 Mn Fund Strategy
The launch comes weeks after the three executives exited their senior investment roles at Peak XV Partners last month. Sharma confirmed the formation of the new firm in a post on X, stating that the departing partners were joining forces to build a new venture investment platform focused on the Indian startup ecosystem.
According to an Economic Times report, Mettle Capital has already initiated fundraising conversations with limited partners across the United States, Europe, and Asia, and will also pursue domestic capital commitments. The firm aims to reach a first close within the next quarter and intends to make five to six high-conviction investments annually, reflecting a wider industry shift toward concentrated, sector-focused bets rather than broad portfolio expansion.
The fund will prioritise startups operating in enterprise AI, deeptech, and consumer internet, alongside fintech and enterprise software, sectors where the founders have built deep track records over more than a decade each at Peak XV and its predecessor, Sequoia Capital India.
Agrawal has been associated with the firm since 2013, while Mittal and Sharma joined in 2016 and 2018, respectively. Agrawal led Peak XV's 2019 investment in online brokerage Groww, which delivered a 94X return and culminated in the company's IPO in November 2025. Mittal backed fintech major Razorpay, currently preparing for a public listing, and direct-to-consumer brand Mamaearth. Sharma led investments in enterprise software and SaaS ventures, including Atlan, Scapia, CRED, and Whatfix. Their collective portfolio, spanning major IPOs and multi-bagger outcomes, is expected to draw significant LP interest.
Founders’ Track Record and Peak XV Legacy
The Ex-Peak XV trio launches Mettle Capital, targets $350–400 million fund to back Indian startups at a moment of notable leadership churn at Peak XV. The firm has seen more than eight partners and several associates depart over the past 18 months. Former MDs Shailesh Lakhani and Harshjit Sethi, along with ex-Sequoia VP Mayank Porwal, earlier launched Ambition Capital, an early-stage fund with a $250 million target corpus.
In late 2024, former Peak XV MD Piyush Gupta floated Kenro Capital, a secondaries-focused firm that has backed K-12 Techno, Pine Labs, and Giva. Other departing partners include Pieter Kemps, Abheek Anand, Shraeyansh Thakur, and Anandamoy Roychowdhury.
The exits coincide with Peak XV's efforts to build a stronger India-only identity following its separation from Sequoia Capital in 2023. In February, the firm announced three maiden funds, India Seed, India Venture, and APAC Funds, with combined commitments of $1.3 billion.
Industry observers note that the trend of senior investors spinning out to launch independent funds is being driven by limited partners' growing appetite to back first-time managers with distinct sector theses and proven performance records. The approach favours deep founder engagement, long-term value creation, and focused portfolio management over broader generalist strategies.
Mettle Capital is expected to begin investing later in 2026 once fundraising concludes, positioning itself among a new cohort of specialised, thesis-driven Indian venture firms entering an increasingly competitive market.
