Peak XV alumni launch $250M early-stage fund Ambition Capital in India
What's the deal? Two former managing directors at Peak XV Partners — Shailesh LakhaniDealroom has a profile for this one. Try Dealroom → and Harshjit SethiDealroom has a profile for this one. Try Dealroom → — are launching a new early-stage venture fund called Ambition Capital.
They will be joined by Mayank PorwalDealroom has a profile for this one. Try Dealroom →, who also worked at Peak XV. The Bengaluru-based fund is targeting a corpus of $250 million and plans to make 26 to 30 investments at seed and Series A stage across AI, fintech, deeptech, and consumer technology.
Why now? Lakhani spent 17 years at Peak XV before leaving in 2023; Sethi and Porwal both departed in 2023 and 2025 respectively The trio have since been preparing the ground for an independent vehicle. India's early-stage market remains highly competitive, and seasoned investors with deep networks are well placed to raise first-time funds.
The Ambition Capital launch is also part of a broader wave of Peak XV spin-outs. A separate group of former Peak XV executives — Ashish AgrawalDealroom has a profile for this one. Try Dealroom →, Ishaan MittalDealroom has a profile for this one. Try Dealroom →, and Tejeshwi SharmaDealroom has a profile for this one. Try Dealroom → — are also reportedly planning a new fund. The pattern echoes the 2018 launch of A91 PartnersDealroom has a profile for this one. Try Dealroom →, founded by three former Sequoia Capital India partners.
The signal: Peak XV — formerly Sequoia Capital India — has long been one of the country's most influential investors, and its alumni carry significant brand equity and deal-flow networks. Ambition Capital's focus on digital sovereignty and India-specific innovation reflects a broader shift in how investors are thinking about the country: less as a market for imported technology, more as a source of original products built for Indian conditions and scaled globally.
A $250 million fund is a meaningful commitment for early-stage investing in India, where seed and Series A cheques remain modest by global standards. If deployed across 26 to 30 companies, it would build a portfolio large enough to generate real returns — and enough market presence to compete with the platforms its founders left behind.
Sources:
Startup Researcher
BW Disrupt
Entrackr
DealStreetAsia
Image credits:
Peak XV Partners
J.V.
