Introduction
This report analyses Peak XV Partners’ (formerly Sequoia India & SEA) investments in Indian unlisted companies that went on to list between 2020 and 2025. It tracks each portfolio company’s journey from first institutional investment to IPO, focusing on capital deployed, exits achieved, and return multiples measured up to the IPO date.
About the Fund
Peak XV Partners is a leading venture capital and growth equity firm investing across technology, consumer, financial services, and enterprise sectors in India and Southeast Asia. The firm typically backs companies early in their lifecycle, supports them through multiple growth stages, and seeks liquidity via IPOs or strategic exits, often retaining ownership post listing.
Portfolio Companies That Listed (2020–2025)
| Portfolio Company | Trade Name | First Investment | Total Invested (₹ Cr) | IPO Date | Exit Status | RM (Till IPO) |
|---|---|---|---|---|---|---|
| Go Fashion (India) Ltd | Go Colors! | Dec 2014 | 60.00 | Nov 2021 | Partial | 17.24x |
| Indigo Paints Ltd | Indigo Paints | Aug 2014 | 168.34 | Feb 2021 | Partial | 15.71x |
| Eternal Ltd | Zomato | Nov 2013 | 348.12 | Jul 2021 | Partial | 11.51x |
| Honasa Consumer Ltd | Mamaearth | Jan 2020 | 568.45 | Nov 2023 | Current | 4.28x |
| Aptus Value Housing Finance Ltd | Aptus | Sep 2019 | 169.17 | Aug 2021 | Current | 3.35x |
| Le Travenues Technology Ltd | ixigo | Oct 2016 | 67.00 | Jun 2024 | Partial | 8.21x |
| Awfis Space Solutions Ltd | Awfis | Apr 2017 | 207.50 | May 2024 | Partial | 2.83x |
| Stove Kraft Ltd | Stove Kraft | Mar 2010 | 160.00 | Feb 2021 | Partial | 2.78x |
| One Mobikwik Systems Ltd | MobiKwik | Mar 2014 | 103.95 | Dec 2024 | Current | 2.67x |
| Five-Star Business Finance Ltd | Five Star | Aug 2017 | 1,147.43 | Nov 2022 | Partial | 2.16x |
| Tracxn Technologies Ltd | Tracxn | Jul 2016 | 8.15 | Oct 2022 | Full Exit | 2.14x |
| Blackbuck Ltd | BlackBuck | Oct 2018 | 108.75 | Nov 2024 | Partial | 0.88x |
| Go Digit General Insurance Ltd | Go Digit | May 2022 | 297.00 | May 2024 | Current | 0.83x |
| Wakefit Innovations Limited | Wakefit | Dec 2018 | 144.86 | Dec 2025 | Current | 9.51x |
RM represents return multiples calculated up to the IPO date only.
Insights & Investment Strategy
1. Early Entry + Long Holding Periods Drive Disproportionate Outcomes
The strongest return multiples were generated from investments initiated 6–10 years prior to IPO. Go Colors!, Indigo Paints, and Zomato demonstrate how early conviction combined with patient capital materially amplifies value creation before public listing.
2. Brand-Led and Platform Businesses Outperform Financial Outcomes
Consumer brands and digital platforms account for the highest RM outcomes in the portfolio. Scalable demand, operating leverage, and public market appetite for category leaders translated into double-digit RM at IPO, outperforming more balance-sheet-heavy businesses.
3. IPOs Are Used Primarily as Liquidity Events, Not Exit Points
A majority of listings resulted in partial exits, with Peak XV retaining meaningful ownership post IPO. This reflects a strategy of using public markets to unlock liquidity while continuing to compound value rather than treating IPOs as terminal exits.
4. Capital Intensity and Market Cycles Compress RM at Listing
Businesses with higher regulatory, capital, or underwriting exposure—such as financial services and logistics—showed lower RM till IPO, underscoring the role of market cycles and IPO pricing discipline in return realisation.
5. Portfolio Construction Absorbs Sub-1x Outcomes
Sub-1x RM outcomes at IPO (e.g., BlackBuck, Go Digit) highlight underwriting risk and timing sensitivity. However, these are offset by a small number of outsized winners, reinforcing a power-law portfolio approach.
6. IPO Timing Matters as Much as Business Quality
Several companies listed during volatile or risk-off market phases, directly impacting RM at IPO despite strong operating fundamentals. This reinforces Peak XV’s emphasis on long-term ownership beyond listing, rather than optimisation of IPO-day pricing alone.
Conclusion
Peak XV Partners’ IPO outcomes between 2020 and 2025 illustrate a deliberate, long-duration investment strategy focused on entering early, scaling patiently, and monetising selectively. The data shows that a limited number of high-conviction investments generate the majority of value, while IPOs function as liquidity milestones rather than endpoints.
Return multiples measured till IPO reflect not just business performance, but also entry timing, holding period, and market conditions at listing. As several portfolio companies remain active holdings post IPO, the full value of these investments continues to evolve beyond public listing.
PrivateCircle provides deep, reliable data on India’s unlisted companies, helping investors track financials, ownership, deals, and exits in one place.