Analysis · Financial Services

Three former peak xv partners launch mettle capital

What they do

Mettle Capital is a new venture capital fund launched by Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma

The trio left Peak XV Partners in early 2026 to start their own firm after the departure of another former group

Founder exits highlight industry debates on carry share and the performance advantage of smaller, faster emerging funds

Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma departed from Peak XV Partners earlier in 2026.
The trio announced the launch of their new venture capital firm named Mettle Capital a few months later.
Another former Peak XV trio recently launched Ambition Capital, which aims to raise $250 Mn for its first fund.
These departures have revived discussions about carry-share distribution and power dynamics within the venture capital ecosystem.
Carry refers to the percentage of profits paid to fund managers, which significantly shapes influence and hierarchy.
Senior partner exits from top-tier firms like Peak XV, Z47, and Elevation Capital have increased over the past three years.
Key drivers for these breakaways include demands for better carry terms, more autonomy, and investment thesis divergence.
Large venture capital firms are often seen as too slow and bureaucratic compared to smaller emerging managers.

Smaller funds between $25 Mn and $100 Mn demonstrate stronger outcomes than larger funds exceeding $100 Mn.
Early-stage conviction bets by smaller funds generate the biggest returns due to speed and concentrated decision-making.
LPs increasingly scrutinize individual investment leadership rather than just overall fund performance metrics.
Post-2021 market corrections exposed weaknesses in large horizontal investing models and increased LP scrutiny.
Some LPs allocate capital to new funds because older funds lack sufficient dry powder for new investments.

Mettle Capital operates as a new venture capital firm focused on early-stage investments.
The founders previously worked at Peak XV, where they managed significant investments including one in Groww.
Peak XV invested close to $50 Mn in Groww over many years before its IPO in November 2025.
The firm's strategy aligns with the trend of emerging managers seeking higher returns through agile operations.
Founders aim to leverage their experience to build a portfolio distinct from traditional large-fund approaches.
Their exit signals a shift towards specialized, founder-led funds rather than consensus-driven large organizations.

Mettle Capital will begin deploying capital into early-stage startups following its launch.
The firm aims to capitalize on the structural advantages of smaller, agile venture funds.