Launch · Financial Services

Ex-Peak XV trio launches Mettle Capital with $400m target

What they do

Mettle Capital is a new venture fund founded by three former managing directors of Peak XV Partners

The firm aims to raise $350–400 million for its first fund to invest in Series A and B rounds

The launch follows executive departures from Peak XV due to disagreements over economics and pay-outs

Mettle Capital has been launched as a new venture capital firm by three ex-Peak XV partners.
Founders Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma are leading the new initiative.
The firm targets a corpus of $350–400 million for its maiden fund.
Fundraising is expected to close within the next quarter starting from May 2026.
Capital deployment is planned for September or October 2026.
The fund will focus on Series A and Series B investment stages.
Selective seed bets may also be considered alongside the primary growth stage investments.
The team plans to source limited partners from the US, Europe, and Asia.

The founders left Peak XV in February 2026 due to disagreements over economics and executive pay-outs.
This departure adds to recent churn at Peak XV, including exits by other senior partners.
Peak XV was spun off from Sequoia Capital India in 2023 and raised significant commitments.
The launch signals continued confidence in the Indian startup ecosystem by experienced investors.
Mettle Capital joins a growing list of funds launched by veteran Indian VC professionals.

Mettle Capital will invest primarily in enterprise AI and deeptech sectors.
It will also consider opportunities in the consumer internet space.
The firm expects to make 5–6 investments annually.
Investments will target companies at the Series A and Series B stages.
The strategy includes selective bets at the seed stage for promising early ventures.
The fund aims to deploy capital quickly after closing the fundraising round.
Geographic focus includes domestic Indian startups with global potential.
The team leverages deep networks built during their tenure at Peak XV.
They plan to raise additional domestic funds alongside international capital.