Former Peak XV leaders launch Ambition Capital, aim to support 30 startups: Report

A group of former executives from venture capital firm Peak XV Partners are preparing to launch a new investment firm, Ambition Capital, with plans to raise $250 million to back early-stage startups in India.

According to the ET report, the Bengaluru-based fund has been founded by Shailesh Lakhani and Harshjit Sethi, both former managing directors at Peak XV. They are joined by Mayank Porwal, who also previously worked at the firm.

The report said that Ambition Capital intends to invest in seed and Series A startups across sectors including AI, fintech, deep technology and consumer technology. The fund is expected to make around 26 to 30 investments. The firm will focus on themes such as India-focused innovation and digital sovereignty, supporting companies developing technology for both domestic and global markets.

Lakhani brings more than 17 years of investment experience at Peak XV Partners, where he backed startups including Minimalist, Ixigo and Zetwerk. Sethi also led several technology investments, particularly in AI.

The launch reflects a broader trend in India’s venture capital sector, where senior investors from established firms are spinning out to form independent funds.

Other former Peak XV executives, including Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma, are also reportedly preparing to launch a separate venture fund.