Peak XV Partners, formerly known as Sequoia Capital India and SEA, is seeing a wave of niche opportunities in financial services and consumer businesses as premiumization and faster paths to scale have opened segments that were previously less prominent, said Sakshi Chopra, managing director at the firm.
“Over the next two decades, India’s fintech and financial services sectors will evolve significantly as the country gets richer and adds more millionaires and billionaires. This will create opportunities in areas such as wealth management,” Chopra told Mint in an interview.
In the consumer sectors, she noted that companies are reaching the ₹100 crore revenue threshold much faster than before. “Across most consumer categories, the markets are deep enough to support multiple players, rather than being winner-take-all, with strong talent density available to build new businesses,” Chopra said.
Her recent deals include insuretech startup Plum’s $21 million in March, travel fintech startup Scapia’s $63 million round alongside other investors in May, quick commerce company Firstclub’s $55 million round alongside Sofina in June, a follow-on round in Neo Group’s ₹350 crore fundraise in July and women’s wellness brand Nua’s $50 million round co-led by Filter Capital earlier this month.
New frontier
Peak XV has been investing in India for the last two decades. Peak XV operates as an independent entity following the split of Sequoia Capital India and Southeast Asia from the global venture capital firm in June 2023. Its key portfolio investments include Zomato, Sarvam AI, Groww, Pine Labs, Razorpay, Turtlemint, and Zetwerk among others.
The last 10-15 years in fintech and financial services were about building the infrastructure—from payments to credit and NBFCs, where companies of significant scale have been built. “The next decade will see opportunities shift toward wealth and asset management, insurance and brokerage and fixed incomes platforms with multiple new players emerging as Indians have more investible incomes,” she said, adding that there will likely be many more mutual fund companies launched over the next couple of years.
Platform plays typically have worked well in India across both consumer and financial services. These businesses offer a full suite of products, as in the case of Stable Money, a fixed income platform, and Neo Group. For instance, Neo, which began with wealth management, has expanded to launch other verticals including insurance broking, private credit, and a secondaries fund.
“The opportunity is not just to build a distribution business, but also to have a manufacturing layer via an asset management business to offer customers a unique pipeline of products,” Chopra said.
Health bets
Within consumer, she further pointed to several companies being built across health, fitness, nutrition, and wellness, with premium, better-for-you products emerging across food and beverages, home, FMCG and travel. The investment firm is also seeing opportunities in the single-specialty healthcare sector— an emerging segment attracting a lot of investor interest.
“India has already seen waves in IVF, ophthalmology, and diabetes care, but we’re now seeing even more specialized categories emerge because the TAM is large enough to support them,” she said, citing examples of portfolio companies like Hoola Health, a pediatric healthcare startup, and Luma Fertility, which specializes in IVF treatments.
“Health and fitness equipment, specialized orthopaedic products, nutraceuticals are also one such emerging category, while cosmetic and interventional dermatology is also up and coming in India. It’s still early in India, but these categories could become very large, much like they have in Western markets. So, we are trying to capture this market in the earlier stages as the valuations tend to get priced up in the later rounds,” Chopra explained.
Global ambition
As Indian companies come of age and pursue global ambitions, their ability to scale and build significant international businesses is expanding. This has also led to significant value creation for Peak XV as the firm generated over $1 billion in realized proceeds between 2024 and 2025 and holds about $4 billion in public securities, Mint reported in February. Beyond IPOs and block deals, it has also made significant exits through private secondaries in companies like Healthkart and Porter over the last year.
Earlier this year, Peak XV raised $1.3 billion in fresh capital commitments to deploy across India, the broader Asia-Pacific region and select global markets. The capital is spread across its India seed and venture and APAC funds. Its early growth arm has ticket sizes of about $25-40 million while it can also cut $50-70 million cheques in slightly more mature companies as it has in companies like Meesho, K12 Techno and Supabase.
Overall, the investment firm manages over $10 billion in assets under management with over 450 companies across financial services and fintech, software and AI, and consumer internet, spanning early to growth-stage investments. The firm has also begun investing globally, entering Singapore, the US, Australia, West Asia, Indonesia, Turkey, Japan, Taiwan, and Europe.