Former Peak XV executives launch Mettle Capital with up to $400 Mn fund target
Mettle Capital plans to begin deploying capital later this year after completing its fundraising process.
Three former senior leaders of Peak XV Partners, Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma, are reportedly coming together to launch a new venture capital firm, Mettle Capital, with plans to raise between $350 million and $400 million for investments in Indian startups.
The newly formed firm is expected to focus largely on Series A and Series B investments while also selectively backing seed-stage startups across sectors such as consumer internet, fintech, SaaS, and enterprise technology.
The development follows the recent exit of the trio from Peak XV Partners. Peak XV had earlier confirmed the departures through a LinkedIn statement, noting that the exits were mutually agreed upon as the firm restructures its investment strategy to align more closely with AI-led opportunities and an AI-first operating approach.
Ishaan Mittal had also publicly announced his exit, stating that he would be building a new investment platform alongside long-time collaborators Ashish Agrawal and Tejeshwi Sharma after working together for nearly 15 years at Peak XV and Sequoia Capital India.
According to reports, Mettle Capital plans to begin deploying capital later this year after completing its fundraising process. The firm is targeting around five to six investments annually and is expected to start investing by September or October.
Meanwhile, following the exits, Peak XV has elevated Abhishek Mohan to Managing Director and General Partner, while Saipriya Sarangan has been promoted to Chief Operating Officer as part of its leadership restructuring.