In Mamaearth, Peak XV finds its fourth 10x return since Sequoia separation

In the oversubscribed IPO of Mamaearth, Peak XV Partners has found its fourth 10x or greater return within the six months since separating from the Sequoia family.

The venture fund is sitting on an 10x return on its investment in Mamaearth, according to an analysis of its IPO documents by TechCrunch. Mamaearth is Peak XV’s 20th IPO in India and Southeast Asia, a figure that notably surpasses the IPO count of other venture firms in the regions by a substantial margin.

Peak XV has offloaded its remaining shares in Zomato, according to a person familiar with the matter, capping a 10x-plus return journey with the food delivery startup that began a decade ago.

The firm’s full-exit and offloading of shares last week hasn’t been previously reported. Zomato didn’t respond to a request for comment. Shares of Zomato jumped 10% Friday afternoon after the Gurugram-based firm reported a surprise profit for the second quarter.

Peak XV also recently made a 12x-plus return on K12 Techno Services, a startup it originally backed about a decade ago, when the private equity firm Kedaara Capital invested in the edtech firm, according to the person familiar with the matter and corporate filings. Peak XV still maintains some holding in the startup, according to the filings.

Peak XV declined to comment.

The returns are a boost to the firm, which with a capital pool of $2.5 billion oversees a substantially larger capital volume than any other venture capital firm focused on India and Southeast Asia. The fund has made over 400 investments and its portfolio includes more than 50 unicorns and overall about 40 companies that have an overall annual revenue of more than $100 million.

In the post-Sequoia world, Peak XV has accelerated its deal-making even as the broader private markets remain fairly sluggish. Its executives told a gathering of its portfolio founders in August that they maintain the optimism about the region and now feel a greater freedom to adopt a more aggressive approach.

Peak XV, which has made a dozen deals since June, has also recently marked up its estimated value of four of its six funds, according to a disclosure by University of California Regents, an LP in Peak XV funds.

Merely days after Sequoia US and the India and SEA arm announced their separation, Peak XV also executed sale of its shares in Go Colors, nearly two years after the firm went public. It made a 15x-plus return on Go Colors, according to an analysis. It also recently sold shares in security firm Quick Heal and overall made profits on its investment, though TechCrunch couldn’t determine the firm’s overall gains.

Peak XV is now also looking to expand its focus on Australia and do deals in the U.S. Peak XV’s recent early-stage Surge cohort featured two Australian startups. Neil Shen, the head of Sequoia China, previously took charge of assessing a majority of the Australian deals, according to a different source familiar with the matter. Sequoia China also parted ways with the broader Sequoia family in June of this year.