As one of the world’s most influential venture capital firms, it’s no surprise that Silicon Valley’s Sequoia Capital has long been interested in India’s booming technology scene. Since establishing Sequoia Capital India in 2000, the Bengaluru-based firm has made the most of the region’s innovation with over 646 investments, 337 portfolio companies, and an average round size of $33 million.
Although global political pressures forced Sequoia Capital to spin Sequoia Capital India into Peak XV Partners, investments in the region are expected to continue flowing.
Want to know what goes into the firm’s strategic investments? Here’s a closer look at Mayhem Studios, Digantara, and Rigi, three of Sequoia Capital India/Peak XV Partners’ biggest recent Indian endeavors.
Though Mayhem Studios has only been around since 2018, it’s swiftly gaining traction as one of India’s most promising gaming studios. This reputation is due in part to its association with gaming unicorn MPL – as the company’s official mobile game development arm, Mayhem Studios is expected to thrive in the increasingly mobile market.
One year after its go-to-market launch in May 2022, Mayhem Studios secured support from Sequoia Capital India. During its Series A funding round in April of this year, Mayhem earned a sweeping $20 million investment from Sequoia Capital alone. Though Steadview Capital is also involved, Sequoia’s previous relationship with MPL means that Sequoia will have a heavy hand in the studios’ future.
As you’d expect from a firm as innovative as Peak XV Partners, investors at the company are keeping a close eye on space travel-related startups. Just last month, the firm poured $10 million into Digantara, an Indian space tech company with ambitions in commercial space operations and satellite traffic management.
Unlike other startups in the space industry, Digantara isn’t just trying to commercialize space endeavors – its mission is to help clients safely navigate space missions by avoiding collisions with debris.
Since launching four years ago, Digantara’s unique business model has raised a total of $12.5 million. The startup’s 2021 seed investment from Kalaari Capital was an impressive $2.5 million, successfully laying the foundation for the recent all-equity Series A1 funding round.
Though not much is publicized about Peak XV Partners’ relationship with Rigi, it’s clear the firm has faith in the startup: in January 2023, they invested $13 million as a part of the platform’s Series B funding round.
Founded in Bengaluru in 2021, Rigi is gaining traction as India’s next big content creation platform. Creators, influencers, and celebrities can use it to grow their fan bases and monetize their followings by selling short courses and monthly subscriptions. With Peak XV Partners’ support, Rigi may be able to persuade India’s biggest creators to join and support the platform.
From social media to space endeavors to mobile gaming, Peak XV Partners' latest investments in India reveal key insights about the future of technology growth in the region.