Mettle Capital, floated by former Peak XV execs, targets $350-400 million for debut fund
15 May 2026, 03:36 PMThe venture capital firm expects to receive majority of the capital for the fund from foreign LPs.
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Mettle Capital, floated by former Peak XV Partners executives, Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma, is looking to raise $350-400 million for its first fund, The Economic Times reported, citing unidentified people.
The venture capital firm expects to receive majority of the capital for the fund from foreign Limited Partners (LPs) in the US, Europe and Asia while also tapping domestic investors.
It expects to close the fund by September. Funds typically begin deploying capital after it hits the first close.
The fund will invest in Series A and Series B stages while also selectively making seed investments.
Peak XV Partners had announced the exit of the trio earlier in February this year, marking another management churn at the venture capital firm.
Agrawal, who had led Peak XV Partners' investment in startups including Groww, had announced on LinkedIn that he will start a new venture capital firm with Mittal and Sharma.
Another venture capital firm Ambition Capital, launched by former managing directors of Peak XV Partners, Shailesh Lakhani and Harshjit Sethi, is also targeting to raise $250 million for its debut vehicle, The Economic Times reported.
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