New fund · Professional & Local Services

Former Peak XV partners launch early-stage fund Ambition Capital

By Startup Enthusiast · 16 March 2026

What they do

Ambition Capital is a new venture capital fund investing in seed and Series A rounds

It targets a corpus of $250 million and will focus on AI, fintech, deep tech and consumer technology

The launch follows a trend of senior investors leaving large funds to start independent firms

Former Peak XV managing directors Shailesh Lakhani and Harshjit Sethi, along with Mayank Porwal, have launched a new early-stage fund called Ambition Capital.
The fund is based in Bengaluru and will focus on seed and Series A rounds.
It targets a corpus of $250 million.
Ambition Capital will invest in AI, fintech, deep tech, and consumer technology sectors.
The fund plans to make 25-30 investments (sources vary slightly on the exact number).
Its investment themes include digital sovereignty, India-specific solutions, AI, and evolving consumer preferences.
Early discussions with potential limited partners (LPs) such as university endowments, pension funds, and family offices are underway.

The launch is part of a trend of senior investors leaving large funds to launch independent firms.
This follows Peak XV's split from Sequoia in 2023.
Another group of former Peak XV investors (Ashish Agrawal, Ishaan Mittal, Tejeshwi Sharma) is also working on a new early-stage fund for Series A and B.
Disagreements over carried interest (the share of profits that fund managers receive) and partnership economics have been cited as reasons for departures.
Improving liquidity from IPOs and exits enables venture capitalists to show track records and raise independent funds.

Ambition Capital is a venture capital fund that invests in early-stage startups.
It focuses on seed and Series A rounds, providing capital to young companies.
The fund targets sectors including AI, fintech, deep tech, and consumer technology.
It is based in Bengaluru, India.
The fund aims to make 25-30 investments from its target corpus of $250 million.

Early discussions with potential limited partners (university endowments, pension funds, family offices) are underway.
The fund will begin making investments once the corpus is raised.