Three former senior executives of Peak XV Partners Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma have reportedly launched a new venture capital firm called Mettle Capital.
According to an ET report, the newly formed firm is targeting a fund size of around $350 million to $400 million to back Indian startups.
The move follows the trio’s departure from Peak XV last month after serving in senior investment roles at the firm for more than a decade, including during its earlier identity as Sequoia Capital India.
In a post on X, Sharma confirmed that the three former partners are joining hands to build the new investment platform.
The report said Mettle Capital plans to focus primarily on Series A and Series B startups, while also selectively participating in seed stage opportunities.
The firm is expected to begin deploying capital later this year after completing fundraising activities.
According to the report, Mettle aims to make around 5–6 investments annually and is targeting a first close of the fund within the next quarter, with investments likely to begin around September–October.
During their tenure at Peak XV, the three investors backed startups across sectors including consumer internet, fintech, and enterprise software.
The launch of Mettle Capital comes amid a broader reshaping of India’s venture capital ecosystem following the separation of Peak XV Partners from the global Sequoia network in 2023.
India’s startup investment landscape has also seen several senior investors launch independent funds in recent years as competition intensifies for high-quality early-stage deals.
The proposed fund size positions Mettle Capital among the larger debut India focused venture funds expected to launch this year.