Peak XV’s Ashish Agrawal Says Semiconductors Are His “Latest Crush” as Groww Delivers 50x Return

Peak XV Partners is now sitting on one of the largest shareholdings in a newly listed tech company after Groww’s successful market debut. Seven years after writing a Series A cheque from its $695-million Fund VI, the firm’s 17% stake in Groww is now valued at about ₹13,700 crore ($1.5 billion) at listing.

This outcome reflects Peak XV’s unusually high conviction in the startup and a rare long-hold strategy in Indian venture capital.

Minimal Selling Despite Multiple Opportunities

Even though Groww went through multiple up-rounds over the years, Peak XV chose to largely stay invested. The fund sold only what was required by regulations during the offer-for-sale, amounting to ₹1,583 crore ($178 million).

The total amount Peak XV invested—just $30–35 million—has turned into a 50x-plus return, making it one of the standout venture capital outcomes in recent years.

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Ashish Agrawal on Long-Term Conviction

Ashish Agrawal, Managing Director at Peak XV Partners and the lead investor in Groww, spoke to Moneycontrol about the journey. He said the success is rooted in decisions made very early in the company’s life.

“These seeds were sown many years ago. They’re simply graduating into full-fledged trees now,” Agrawal said, explaining that public-market readiness begins long before a company considers listing.

According to him, the foundation for Groww’s public debut was built through years of disciplined execution, product clarity, and readiness for the scrutiny that comes with being a listed company.

Why Peak XV Held Through Up-Rounds

Agrawal explained that Peak XV resisted selling its shares across multiple funding rounds because it saw long-term potential in the business. Early product decisions taken by Groww’s founders helped differentiate the platform and gave Peak XV the confidence to hold its position.

He noted that Groww’s early product calls helped set it apart in a competitive space and strengthened its long-term prospects—one of the main reasons the fund chose not to significantly reduce its stake.

Public-Market Preparation Started Years Ago

Another key point Agrawal highlighted was how public-market readiness begins years in advance. Groww, he said, prepared early for governance, compliance, and processes needed to operate at listed-company standards.

This long preparation helped the company transition smoothly into the public markets when the time came.

What Peak XV Is Betting on Next

While Groww remains one of its most successful investments, Peak XV is already scanning for the next big opportunity. In the interview, Agrawal revealed that semiconductors are his “latest crush”, hinting at a sector that is capturing his interest as the firm looks for its next breakout company.

He did not mention any specific deals but indicated that the team is actively evaluating businesses with strong fundamentals and long-term potential.

A High-Conviction Philosophy

Agrawal summed up Peak XV’s approach by emphasising that what appears to be perfect timing at IPO is actually the outcome of early, disciplined decisions. The firm’s Groww investment shows how conviction, patience, and long-term thinking can compound into significant financial outcomes.

Peak XV now aims to continue backing founders who demonstrate strong early product understanding and the ability to scale—qualities that shaped the Groww success story.

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