Ex-Peak XV trio launches Mettle Capital

Mettle Capital was launched by former Peak XV Partners managing directors Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma as a new India-focused venture capital firm targeting a $350 million to $400 million fund. The firm plans to invest mainly in Series A and Series B startups, with selective seed-stage bets, and is expected to focus on enterprise AI, deeptech and consumer internet.

According to The Economic Times, Mettle Capital is aiming to close the fundraise within the next quarter and begin deploying capital by September-October. ET also reported that the firm is in talks with limited partners in the US and expects to tap capital from Europe and Asia, while seeking a majority of its capital from foreign LPs alongside domestic funds.

Who is behind Mettle Capital?

Mettle Capital is being built as an equal partnership among the three founders, according to The Times of India. TOI said the founders aligned from the outset on equal ownership, governance and long-term economics, and described that structure as unusual in Indian venture capital, where economics and decision-making are typically distributed unevenly.

The trio each spent more than a decade at Peak XV and its predecessor, Sequoia Capital India, before launching Mettle Capital. ET reported that the founders left Peak XV in February 2026, amid broader churn at India-focused VC firms, and that Peak XV managing director Shailendra Singh said the departures followed disagreements over economics and executive pay-outs. Inc42 reported that Ashish Agrawal joined the Peak XV platform in 2013, while Ishaan Mittal and Tejeshwi Sharma joined in 2016 and 2018, respectively.

What kind of startups will Mettle Capital back?

Mettle Capital plans to back Indian startups at the Series A and Series B stages, with selective seed bets, and has said it will focus on enterprise AI, deeptech and consumer internet. ET later reported that deeptech would be one of the fund’s core themes, and Agrawal said hardware has seen a resurgence in value creation, especially in semiconductors, space tech and defense.

That emphasis fits the partners’ prior investing experience. ET reported that Ishaan Mittal backed Razorpay and Mamaearth at Peak XV, while Agrawal led investments in Agrani Labs and C2i Semiconductors during his time there.

How many investments will the fund make?

Mettle Capital is reportedly planning to make five to six investments a year. Inc42 described the pace as five to six high-conviction investments annually, while ET said the firm expects to make 5 to 6 investments each year.

The fundraise comes as several other former Peak XV investors have also launched firms. ET reported that former Peak XV partners Shailesh Lakhani and Harshjit Sethi launched Ambition Capital, targeting $250 million for seed and Series A investing, while former Peak XV managing director Piyush Gupta launched secondaries-focused Kenro Capital in 2024.

ET also linked Mettle Capital’s launch to broader liquidity in India, saying IPOs and exits have helped younger GPs show track records to LPs. In a separate contextual note, Inc42 said Peak XV announced three maiden funds in February 2026 after separating from Sequoia Capital, with commitments of $1.3 billion, and that the firm had seen more than eight partner departures and multiple associate exits over 18 months.

The clearest next step for Mettle Capital is fund closing and deployment. If the firm reaches its target on the timeline it has outlined, the first investments could follow soon after capital is raised.