For Peak XV and HongShan, this is their first joint deal since they separated from Sequoia in June 2023. The firms are increasingly operating beyond their traditional geographic boundaries — HongShan has expanded into Europe and North Asia as it works to deploy its $9 billion pool of capital, while Peak XV has established a presence in the U.S.
Their former parent Sequoia is in advanced stages of deliberation to back fintech Vance, TechCrunch reported late last month. If the deal goes through, it would be the firm’s first investment in India since the separation.