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Mamaearth’s IPO, which was managed by Honasa Consumer, initially had a slow start but reached full subscription in three days despite the brand’s FY23 loss of ₹151 crore (INR100 crore = approx. USD12 million). The shares are set for listing on BSE and NSE on November 10.
In addition to Mamaearth’s IPO, Peak XV concluded a decade-long investment journey with Zomato, yielding another 10x-plus return following Zomato’s surprise profit announcement. The firm also secured a 12x-plus return from edtech startup K12 (NYSE:LRN) Techno Services, which it supported about ten years ago when Kedaara Capital invested in the startup.
Despite broader market sluggishness, Peak XV has been active post-Sequoia separation. The firm executed twelve deals since June and increased the estimated value of four of its six funds, as reported by the University of California Regents.
Peak XV also realized a 15x-plus return after selling its shares in Go Colors post-IPO and sold shares in security firm Quick Heal. The firm is expanding its investment focus to include Australian startups. Its recent early-stage Surge cohort featured two Australian entities, with most Australian deals assessed by Neil Shen of Sequoia China.
With a capital pool of $2.5 billion, Peak XV has made over 400 investments in entities including Go Colors and Quick Heal. The firm has backed more than 50 unicorns and 40 companies with annual revenues exceeding $100 million. Following the separation from Sequoia US and the India and SEA arm, Peak XV has adopted a more aggressive approach towards investments.
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