Three former Peak XV Partners executives Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma have reportedly launched a new venture capital firm called Mettle Capital.
As per an ET report, the new firm is looking to raise a fund of around $350 million to $400 million to invest in Indian startups.
The development follows the exit of the trio last month from senior investment professionals roles. In a post on X, Sharma confirmed that the three departing partners are coming together to launch a new venture capital firm.
The trio had each spent over a decade at Peak XV, including at predecessor Sequoia Capital India, investing across consumer internet, fintech and enterprise software.
As per media reports, Mettle Capital plans to invest mainly in Series A and Series B startups, along with selective seed-stage deals. The firm is expected to start investing later this year after completing fundraising.
Mettle, which aims to close 5-6 investments annually, is looking to close the fundraise within the next quarter and begin deploying capital by September-October, the report added.