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Tag: Peak XV Partners

  • As AI data centers hit power limits, Peak XV backs Indian startup C2i to fix the bottleneck | TechCrunch

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    Power, rather than compute, is fast becoming the limiting factor in scaling AI data centers. That shift has prompted Peak XV Partners to back C2i Semiconductors, an Indian startup building plug-and-play, system-level power solutions designed to cut energy losses and improve the economics of large-scale AI infrastructure.

    C2i (which stands for control conversion and intelligence) has raised $15 million in a Series A round led by Peak XV Partners, with participation from Yali Deeptech and TDK Ventures, bringing the two-year-old startup’s total funding to $19 million.

    The investment comes as data-center energy demand accelerates worldwide. Electricity consumption from data centers is projected to nearly triple by 2035, per a December 2025 report from BloombergNEF, while Goldman Sachs Research estimates data-center power demand could surge 175% by 2030 from 2023 levels — the equivalent of adding another top-10 power-consuming country.

    Much of that strain comes not from generating electricity but from converting it efficiently inside data centers, where high-voltage power must be stepped down thousands of times before it reaches GPUs. This process currently wastes about 15% to 20% of energy, C2i’s co-founder and CTO Preetam Tadeparthy said in an interview.

    “What used to be 400 volts has already moved to 800 volts, and will likely go higher,” Tadeparthy told TechCrunch.

    Founded in 2024 by former Texas Instruments power executives Ram Anant, Vikram Gakhar, Preetam Tadeparthy, and Dattatreya Suryanarayana, along with Harsha S. B and Muthusubramanian N. V, C2i is redesigning power delivery as a single, plug-and-play “grid-to-GPU” system spanning the data-center bus to the processor itself.

    C2i co-founders Vikram Gakhar, Preetam Tadeparthy, Ram Anant, and Dattatreya Suryanarayana (Left to right)Image Credits:C2i

    By treating power conversion, control and packaging as an integrated platform, C2i estimates it can cut end-to-end losses by around 10% — roughly 100 kilowatts saved for every megawatt consumed — with knock-on effects for cooling costs, GPU utilisation and overall data-center economics.

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    “All that translates directly to total cost of ownership, revenue, and profitability,” Tadeparthy said.

    For Peak XV Partners (which split from Sequoia Capital in 2023), the attraction lies in how power costs shape the economics of AI infrastructure at scale. Rajan Anandan, the venture firm’s managing director, told TechCrunch that after the upfront capital investment in servers and facilities, energy costs become the dominant ongoing expense for data centers, making even incremental efficiency gains highly valuable.

    “If you can reduce energy costs by, call it, 10 to 30%, that’s like a huge number,” Anandan said. “You’re talking about tens of billions of dollars.”

    The claims will be tested quickly. C2i expects its first two silicon designs to return from fabrication between April and June, after which the startup plans to validate performance with data-center operators and hyperscalers that have asked to review the data, according to Tadeparthy.

    The Bengaluru-based startup has built a team of about 65 engineers and is setting up customer-facing operations in the U.S. and Taiwan as it prepares for early deployments.

    Power delivery is one of the most entrenched parts of the data-center stack, long dominated by large incumbents with deep balance sheets and years-long qualification cycles. While many newer companies focus on improving individual components, redesigning power delivery end-to-end requires coordinating silicon, packaging, and system architecture simultaneously — a capital-intensive approach that few startups attempt and one that can take years to prove in production environments.

    Anandan said the real question now is execution, noting that all startups face technology, market, and team risks when betting on how industries evolve. In C2i’s case, he said, the feedback loop should be relatively short. “We’ll know in the next six months,” said Anandan, pointing to upcoming silicon and early customer validation as the moment when the thesis will be tested.

    The bet also reflects how India’s semiconductor design ecosystem has matured in recent years.

    “The way you should look at semiconductors in India is, this is like 2008 e-commerce,” said Anandan. “It’s just getting started.”

    He pointed to the depth of engineering talent — with a growing share of global chip designers based in the country — alongside government-backed design-linked incentives that have lowered the cost and risk of tape-outs, making it increasingly viable for startups to build globally competitive semiconductor products from India rather than operate only as captive design centers.

    Whether those conditions translate into a globally competitive product will become clearer over the coming months, as C2i begins validating its system-level power solutions with customers.

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  • India’s Digantara raises $50M for space-based missile defence tech | TechCrunch

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    Digantara, an Indian space surveillance startup, has raised $50 million in a new funding round as it moves beyond space situational awareness into missile tracking, citing growing demand from governments for space-based defence capabilities.

    The all-equity Series B round included new investors such as 360 ONE Asset and SBI Investments of Japan, as well as serial entrepreneur Ronnie Screwvala, with existing backers Peak XV Partners and Kalaari Capital also participating. The funding comes more than two years after the startup’s $10 million Series A1 round, bringing its total capital raised to $64.5 million.

    Globally, governments are investing more heavily in space-based surveillance and early-warning systems as missile launches and satellite interference become more frequent, with many seeking faster detection than traditional ground-based radar can provide. Digantara aims to tap that market by using its space- and ground-based infrared sensors along with software-based analytics and intelligence.

    Founded in 2020, the Bengaluru-headquartered startup initially focused on space situational awareness, tracking debris and objects that could damage satellites. The startup has since expanded its scope to include missile detection and tracking, building on the space- and ground-based sensing and analytics technologies it developed for space surveillance, its founder and chief executive Anirudh Sharma (pictured above) said in an interview.

    Digantara launched its first space surveillance satellite, SCOT (Space Camera for Object Tracking), in January aboard SpaceX’s Transporter-12 mission, enabling space-to-space observation. A month later, the startup opened an office in Colorado Springs as part of its push into the U.S. defence market, a move that has since led to contracts with U.S. Space Command for analytics-as-a-service. Its U.S. entity has also been selected for the Missile Defense Agency’s SHIELD contract vehicle, which supports next-generation missile defence programmes.

    “Given we’ve already built IR sensors, we are now extending our IR capabilities to other domains like mid- and long-wave infrared,” Sharma told TechCrunch.

    Digantara has split its operations across geographies to meet national security requirements. Its U.S. team is focused on building larger satellites and spacecraft in the 100-kilogram class tailored to American defence needs, while its India operation concentrates on analytics, data processing, and space situational awareness. The structure reflects the regulatory realities of defence procurement, where sensitive systems must be designed and built domestically for each market.

    Digantara has so far closed contracts with a combined value of about $25 million, Sharma told TechCrunch. The startup currently operates across India, Singapore, and the U.S., and plans to expand into Europe by setting up a local entity there as early as 2026.

    In India, Digantara operates a 25,000-square-foot manufacturing facility capable of producing up to five satellites simultaneously, and plans to scale that capacity significantly. The startup has signed a memorandum of understanding with the state government of Andhra Pradesh to set up a larger facility that could manufacture as many as 30 satellites at once, which it aims to bring online next year.

    Digantara has already been selected as the winning bidder for government defence tenders in India and is completing administrative formalities before work begins, Sharma said.

    Through 2026–27, Digantara plans to expand its space- and ground-based infrastructure, including additional electro-optical and LiDAR satellites for space surveillance, space-based sensors for early missile warning and tracking, and a larger network of ground-based observatories, the company said. It is also exploring the potential use of its LiDAR and laser technologies for future interceptor systems, Sharma asserted.

    Digantara plans to launch another satellite through SpaceX in March, followed by additional launches in June and October, with multiple satellites scheduled for the latter mission. The company aims to deploy a total of 15 satellites over the next two years, Sharma said.

    The latest funding, he noted, will support those launches, with about $7–$10 million earmarked for expansion in the United States and roughly $2–$3 million set aside to establish operations in Europe, while the remainder will be used to scale its India-based manufacturing and operations.

    Digantara has seen revenues grow more than tenfold over the past two years, Sharma said, declining to disclose current figures. He added that the company is targeting annual revenues of $25–$30 million over the next 18 months as defence and government work ramps up.

    The startup currently employs around 125 people, including roughly 80 to 85 engineers.

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    Jagmeet Singh

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  • SoftBank stays in as Meesho $606M IPO becomes India’s first major e-commerce listing | TechCrunch

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    Meesho, an Indian e-commerce rival to Amazon and Walmart-owned Flipkart, is set to launch a roughly $606 million IPO marked by token sell-downs from early backers and no sales from big names such as SoftBank and Prosus, signalling investor conviction in India’s booming online retail market at a time when tech shareholders globally have been cashing out at listings.

    The ten-year-old startup plans to price its shares at ₹105–111 each, raising ₹42.50 billion (about $475 million) in fresh capital and a small remainder through secondary sales, giving Meesho a post-issue valuation of roughly ₹501 billion (around $5.60 billion). The startup was last valued at about $5 billion in the private markets in 2021.

    Meesho is set to become the first major horizontal e-commerce platform in India to go public, with rival Flipkart expected to pursue an IPO next year and Amazon reportedly exploring a potential spin-off of its India operations, potentially for a future listing.

    Some of Meesho’s early shareholders are selling in the IPO, with Elevation Capital offloading just over 4% of its stake, Sequoia Capital spin-off Peak XV Partners selling around 3%, and Y Combinator trimming about 14%, per the prospectus (PDF). Larger backers — including SoftBank, Prosus, and Fidelity — are not selling any shares.

    Meesho’s offer-for-sale portion has been cut by about 40% from the draft prospectus filed in October to 105.5 million shares, worth ₹11.7 billion (roughly $131 million) at the top of the price band. The co-founders, Vidit Aatrey and Sanjeev Kumar, are, however, selling more than they had planned in the draft prospectus, with their combined offer rising to 32 million shares from about 23.5 million earlier, helping make up for reduced participation from other shareholders.

    Founded in 2015, Meesho began as a social commerce platform that targeted first-time online shoppers through WhatsApp before evolving into a full-fledged marketplace. It has since carved out a fast-growing niche with a low-cost model tailored to India’s price-sensitive consumers and small merchants — an approach that has increasingly pressured larger rivals Amazon and Flipkart. The Bengaluru-based company uses a commission-light model, earning primarily from logistics fees, advertising, and other services, while charging commissions on products sold through its separate Meesho Mall channel.

    Meesho reported revenue from operations of ₹55.78 billion (about $624.0 million) for the six months ended September 30, up from ₹43.11 billion (around $482.0 million) a year earlier, per its prospectus. Net merchandise value rose 44% year-over-year to ₹191.94 billion (roughly $2.15 billion). However, its losses widened, with Meesho posting a restated loss before tax of ₹4.33 billion (around $48.4 million) for the September 2025 half-year, compared with ₹0.24 billion (about $2.7 million) a year earlier.

    In the last 12 months, Meesho recorded 234.20 million transacting users — unique consumers who purchased at least one product on the platform. Over the same period, the company had 706,471 annual transacting sellers, defined as sellers who received at least one order in the year.

    Meesho also uses a sprawling creator network for product discovery, with more than 50,000 active content creators generating at least one placed order through their content over the past year.

    “Many Indians are only experiencing e-commerce for the first time on Meesho, and much like the rest of us, over the next decade, they will buy more and more things and more and more frequently on this platform,” Mohit Bhatnagar, managing director at Peak XV Partners, told TechCrunch. “That’s why long-term conviction is the reason to hold on to as much of our stake as we can hold on to.”

    Peak XV — which first invested in Meesho in 2018 during its Sequoia Capital India era and holds about 13% across its two vehicles — is selling around 17.38 million shares in the IPO.

    Meesho has positioned itself as a value-focused platform — unlike Amazon and Flipkart, which it sees as convenience-led players. In that respect, the company compares itself with other value-driven marketplaces such as Pinduoduo in China, Shopee in Southeast Asia, and Mercado Libre in Latin America.

    “If you look at the value-focused bucket, here, you are trying to appeal to mass market consumers selling all kinds of products and categories in a marketplace business model, which tends to be asset light,” Aatrey told reporters during Meesho’s press conference on Friday. “And the reason people come back is because they want access to more and more selection with the affordability value proposition.”

    Meesho also sees the IPO improving its ability to attract talent and strengthening confidence across its wider ecosystem, CFO Dhiresh Bansal told TechCrunch. He said a public listing boosts the company’s brand with job candidates — including those coming from big tech firms — and has a positive knock-on effect on consumers, sellers and logistics partners by reinforcing Meesho’s governance standards.

    The IPO will open for public subscription on December 3, with the anchor book scheduled for December 2. About 75% of the offer is reserved for qualified institutional buyers, 10% for retail investors and 15% for non-institutional investors.

    SoftBank did not respond to a request for comment.

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    Jagmeet Singh

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  • Peak XV’s Piyush Gupta is leaving firm to start own secondary-focused VC fund | TechCrunch

    Peak XV’s Piyush Gupta is leaving firm to start own secondary-focused VC fund | TechCrunch

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    Piyush Gupta, one of the operating leaders at Peak XV Partners, is leaving the firm at the end of this month to start his own fund, four people familiar with the matter told TechCrunch.

    Gupta joined Peak XV (called Sequoia India and SEA then) in 2017, leading the influential venture firm’s strategic development team. Before joining Peak XV, he focused on similar things – mergers, acquisitions, and IPOs – at Morgan Stanley and Deutsche Bank for more than a decade.

    Though Gupta didn’t serve as an investing partner at Peak XV, he played an important role at some of its programs including Pitstop, where investors from across the globe liaison with Peak XV’s portfolio startups each year.

    “For early-stage companies, we take a more programmatic approach, such as UpSurge, where we provide a platform for multiple companies to meet with multiple investors over a few days. At later stages, M&A can be a crucible moment in the journey to becoming a large, enduring company,” his bio on Peak XV reads. “Where our job gets incredibly interesting is when we help companies through the journey from pre to post IPO. Going public is an event and a milestone, but the work continues long after that and preparation is key.”

    News of Gupta’s departure was relayed by Peak XV Partners to its limited partners at its annual gathering last month, one person familiar with the matter said, where the fund also unveiled plans to launch a perpetual fund that will be bankrolled by its investment partners and extended team.

    The two are parting ways on cordial terms, two people familiar with the matter said. Gupta plans to launch a secondary-focused fund and Peak XV intends to work closely with him to facilitate transactions at its portfolio firms.

    Peak XV declined to comment and Gupta didn’t respond to a text.

    Secondary transactions are on the rise in India. Peak XV itself has seen some exits — Pine Labs, K12 — through secondary transactions in the past two years. The firm’s holding in Mamaearth, Zomato, K12 Techno Services, Go Colors stood at a 10x-plus multiple as of last November, TechCrunch reported at the time.

    SentinelOne acquired PingSafe, an early-stage startup in India, earlier this year for more than $100 million, TechCrunch reported earlier. PingSafe, which counted Peak XV’s Surge among its backers, had raised less than $4 million before the acquisition deal.

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    Manish Singh

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  • Peak XV takes startups on a Silicon Valley trip in AI push | TechCrunch

    Peak XV takes startups on a Silicon Valley trip in AI push | TechCrunch

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    Peak XV, the venture capital firm that split from Sequoia Capital last year, is taking its portfolio companies from India, Southeast Asia and Australia on an “immersion” trip to Silicon Valley this week to meet several industry titans, the latest in the venture firm’s broadening offerings and networking flex.

    About 60 founders, many backed by Peak XV’s powerfully influential program Surge, will join partners from the firm on the trip to meet industry leaders and visit AI research centers, according to a participant briefed on the matter.

    The week includes strategy sessions with executives from OpenAI and Nvidia as well as Sequoia partner Doug Leone, and talks from seasoned operators like Uniphore chief Umesh Sachdev and DoorDash advisor Gokul Rajaram, according to an email the firm sent to portfolio startups seen by TechCrunch.

    The program, internally dubbed “Immersion Week,” is the latest peek at Peak XV’s broadening roster beyond writing checks as competition intensifies among venture investors seeking access to the most promising AI startups globally.

    India, one of the largest startup ecosystems, currently lacks the depth in deeptech and AI startups. Very few players in India are attempting to build foundational large language models. Sarvam AI, one such startup, announced a $41 million funding late last year led by Peak XV and Lightspeed India and scored a partnership with Microsoft last week.

    Investors say that many existing startups in India are strategizing on what new capabilities to build and in finding customers overseas — and that’s where a trip like ‘Immersion’ can prove beneficial.

    Peak XV, which has $2.5 billion to deploy in the region, has taken an aggressive approach since its split last year, rapidly building out its bench strength and networking capabilities across geographies.

    Peak XV didn’t immediately respond to a request for comment Monday morning. But in the email to portfolio companies over the weekend, Peak XV told founders the trip would “focus on building world-class products” and gaining “a glimpse into the AI world.”

    Peak XV Managing Directors Shailendra Singh, Rajan Anandan, Harshjit Sethi, Ashish Agrawal, and Surge Partner Pieter Kemps are among those hosting the week, according to the person briefed on the matter.

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  • SentinelOne acquires Peak XV-backed PingSafe for over $100 million | TechCrunch

    SentinelOne acquires Peak XV-backed PingSafe for over $100 million | TechCrunch

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    SentinelOne’s deal to acquire PingSafe valued the Peak XV-backed young startup at over $100 million, two sources familiar with the matter told TechCrunch, in one of the strongest and fastest deals emerging from India.

    The New York Stock Exchange-listed AI security firm disclosed the cash and stock deal last week, but didn’t reveal the financial terms. SentinelOne, PingSafe and PeakXV didn’t immediately respond to a request for comment. The terms of the deal haven’t been previously reported.

    Founded in 2021, PingSafe is a relatively new and small security company with fewer than 100 employees and over 50 customers, mostly in India. The firm remained largely in stealth mode until last year, and was backed by Peak XV’s Surge in the early-stage fund’s sixth cohort. PingSafe had raised a total of about $3.3 million in funding.

    “We think integration of PingSafe’s CNAPP [cloud native application protection platform] will bolster S’s cloud security offering, providing a wide range of agentless CNAPP capabilities – S has expressed its intent to be price competitive in the cloud security market and we wonder if the acquisition will play a role in pricing,” Barclays wrote in a note to clients.

    PingSafe is “among the fastest ‘seed to significant exits’ Indian ecosystem has ever seen,” Rajan Anandan, who leads Surge at Peak XV, tweeted last week.

    “SentinelOne is a pioneer and leader in AI-powered security, and we share a common mission to secure the cloud and make the Internet a safer place,” said Anand Prakash, founder and chief executive of PingSafe and one of the world’s top five white hat hackers, in a prepared statement last week. “The combination of our cutting-edge CNAPP capabilities with SentinelOne’s market-leading AI security platform will supercharge cloud security by providing world-class protection for multi-cloud infrastructure, from development to deployment.”

    The purchase of PingSafe represents a further endorsement of the increasing trend of Indian software companies targeting global expansion. By first developing SaaS solutions in the home market, a new generation of Indian entrepreneurs have subsequently set their sights on worldwide growth.

    New Delhi is inching closer to launch the second phase of its marquee Startup India program with a focus on deep tech startups, Indian daily Economic Times reported Monday. The planned doubling-down on advanced technology companies marks the latest gambit aimed at transforming the subcontinent into a global innovation powerhouse to rival the likes of Silicon Valley.

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  • Peak XV’s latest Surge batch is 77% AI and deeptech startups | TechCrunch

    Peak XV’s latest Surge batch is 77% AI and deeptech startups | TechCrunch

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    AI and other deep technologies are the prevailing themes in the new early-stage cohort from Peak XV Partners, as the largest India and Southeast Asia-focused VC fund intensifies its search for opportunities in a sector garnering international frenzy.

    Ten out of 13 startups in the latest cohort of Surge, Peak XV’s powerfully influential early-stage program, specialize in AI and other deeptech sectors, the fund said on Monday. The unveiling of Surge’s ninth cohort — and the selection of its startups — comes at a time when a growing global sentiment suggest a dearth of depth in India’s AI startup landscape.

    Y Combinator’s most recent batch includes over 200 startups, of which more than half concentrate on AI, for instance. Despite the cohort’s considerable size, fewer than 10 startups are India-based, sparking speculation that the venture firm and India could be growing apart.

    “Would I like to see more AI startups? The answer is yes. But do we see zero? No. We see some pretty interesting things that we have picked and invested in,” said Shailendra Singh, Managing Director of Peak XV, in an interview with TechCrunch.

    “I think with every passing quarter, every passing six months, and every passing year, India becomes a more and more fertile market with greater expertise,” said Singh, who also oversees all other stages of venture investments at the firm. “What has been consistent in the last 18 years that I have been investing, sometimes it can feel slow, sometimes there are market cycles, but if you take any two-three years vintage, it’s very clear that there’s a step-up.”

    The new batch — which features startups working on a range of problems from helping identify and address early brain decline, to transforming the world of processor design and scaling the hydrogen economy — features multiple founders who have PhDs and international work experience, said Singh. “Could we have found this cohort five years ago? I think that’s quite unlikely even if had wanted,” he added.

    “I think we will start to see more fundamental innovation in India, and more science being applied to solve problems.”

    The Surge 09 cohort

    • Dozer — founded by Matteo Pelati and Vivek Gudapuri — is an open source data infrastructure platform that aims to assist data scientists and engineers in building highly scalable, real-time data APIs in minutes.
    • Elivaas — founded by Karan Miglani and Ritwik Khare — serves as a management platform for villas and luxury apartments, enabling owners to monetize, oversee, and maintain their vacation homes in India.
    • Ethereal Machines — founded by Kaushik Mudda and Navin Jain — operates in the advanced manufacturing sector, specializing in the production of precision engineering components via its multi-axis computer numerical control machines.
    • Horizon Quantum Computing — founded by Joe Fitzsimons — develops software development tools that are designed to unlock the capabilities of quantum computing hardware.
    • InCore — launched by Arjun Menon, Gautam Doshi, GS Madhusudan, and Neel Gala — is a fabless semiconductor startup that is building RISC-V-based processor solutions for various industries, including industrial automation and consumer electronics.
    • Mercu — set up by Elliott Gibb and Jascha Zittel — functions as an employee engagement platform, facilitating the hiring, training, and engagement of frontline teams within companies.
    • Mindgrove — founded by Sharan Srinivas J and Shashwath T R — designs cost-efficient, scalable microprocessor technology, designing SOCs that combine all the electronic components onto a single chip.
    • Neurowyzr — founded by Pang Sze Yunn and Navdeep Vij Singh — operates in the healthtech sector. It specializes in developing advanced technologies to mitigate early signs of brain decline.
    • Newtrace — founded by Prasanta Sarkar and Rochan Sinha — is a climate tech startup that is attempting to manufacture innovative electrolyzers for the efficient and affordable production of green hydrogen.
    • Pix.ai — developed by Alvin Li, Raven Gao, and Veronica Liao — is an AI-powered anime art generator, which provides users with a suite of tools and templates for creating personalized anime art.
    • Relevance AI — founded by Daniel Vassilev and Jacky Koh — is a machine learning startup that is attempting to help companies automate workflows through a no-code AI workforce.
    • ZeroK — founded by Mudit Krishna Mathur, Varun Ramamurthy, Samyukktha Thirumeni, and Shivam Nagar — is an AI platform that is assisting developers in faster troubleshooting of production incidents by performing intelligent checks that guide them to root causes, thus reducing downtime.
    • There’s also a startup, which has chosen to remain in the stealth mode for now, that is operating an AI platform aimed at boosting software team productivity. It provides contextual answers tailored to their codebases.

    Surge, which completes five years in early 2024, has emerged as the most influential early-stage investor in India and Southeast Asia. The program, which also invites select other investors in the ecosystem to evaluate and participate in funding the cohort’s startups, has backed over 140 firms to date that have collectively raised more than $2 billion in follow-on funding.

    Surge, which rolls out two cohorts annually, maintains a measured portfolio size for each batch. This allows Peak XV partners and other team members to engage closely with founders, offering guidance on a range of subjects from product strategy to the startup’s mission statement. A Surge startup raises up to $3 million in seed funding, a feature that, along with access to an extensive and arguably unmatched set of resources, sets the Peak XV program apart from other market offerings.

    The new cohort also comes at a time when many other VC funds in India are also attempting — or re-attempting — to build a version of their own Surge programs. Singh said a growing competition among venture firms would be a good thing for the founders and the ecosystem.

    The new fund, first since Peak XV’s split from Sequoia U.S., also features two Australian startups. It’s not the first time Surge or any other Peak XV arm has backed an Australian startup, but Singh confirmed that it’s a country that the venture firm is actively evaluating, especially for software firms.

    “Our skillset to help companies go to the U.S., launch cross-border — we have over a 100 investments in software companies, where we try to help them build global businesses — those same skillsets are very applicable to software startups in Australia. Almost all of the software startups in Australia also have the ambitions to build global firms. For that reason, they find us to be a good fit, and it improves our calibration and gives us exposure to a new market where we find high-quality companies in general,” he said.

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    Manish Singh

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