Ex-Peak XV Partners execs launch $250m India VC fund

Former Peak XV managing directors Shailesh Lakhani and Harshjit Sethi plan to raise a US$250 million early-stage fund.

Ambition Capital, plans to invest across consumer and emerging tech sectors, and expects to make about 25 to 30 investments, the sources said.

The pair have teamed up with Mayank Porwal, who left Peak XV in 2023.

Lakhani previously spent 17 years at Sequoia, while Sethi led AI investing at Peak XV.

🧠 Food for thought

Implications, context, and why it matters.

Recent exits from Peak XV, including the founders of Ambition Capital, trace back to disputes over control and compensation, not weak results 1.
Ashish Agrawal, another departing partner, led Peak XV’s investment in Groww (an Indian stockbroking and investment platform). That deal returned more than 50x, and he left after Groww’s initial public offering (IPO) in November 2025 1.
Sources say decisions ran through a tight center, which limited senior partners’ freedom and their share of investment profits 1.
The turnover goes beyond Ambition Capital’s founders. It includes several Peak XV managing directors plus nearly 50 Peak XV employees overall 1.
The departures came as Peak XV closed $1.3 billion in new capital commitments across three funds, which keeps it among the market’s biggest players 2.

Ambition Capital’s launch fits a wider move in India’s venture capital (VC) market as senior partners leave large firms to run smaller, specialized funds 3.
Limited partners (LPs), the institutions and individuals that invest money into venture funds, are open to backing first-time managers spinning out of established firms with a track record 4.
Past performance data backs that view. One analysis found 2012-14 vintage first-time funds delivered about 40% higher returns than follow-on funds 5.
Smaller entrants add competition by targeting sectors or stages that big generalist funds often skip, which gives founders more funding options 6.