Latest news with #PeakXV
Economic Times
2 days ago
- Business
- Economic Times
VCs on AI flight to valley
ETtech Indian venture investors are setting up shop in San Francisco, the AI epicenter, as they chase cutting edge development of the technology and aim to spot the next wave of AI trends. Multiple Indian venture capital companies, such as Elevation Capital and Peak XV, have set up shop at AI epicenter, San Francisco, in the US to tap into the booming industry. In addition to this, investors are spending more time in San Francisco or SF as it is called, as the pace of AI development grows unabated in the region. Elevation Capital recently hired Capillary Technologies cofounder and former Meta executive Krishna Mehra, as the AI partner, with more people from the team spending significant time in the US. Peak XV has set up an office in SF, and has hired Arnav Sahu, former Y Combinator principal, to drive investments. Blume Ventures' managing partner Sanjay Nath is spending time in San Francisco and India. ET has also learnt that VC firm Z47 is looking to expand its presence in San Francisco, in the US. The email sent to the company did not elicit any response till the time of Mehra, AI Partner, Elevation Capital, who is based in Palo Alto, quipped that it is now easier to meet a VC in the Valley than in Bengaluru. 'I end up meeting more people from the investment community there,' he are a few things driving this. SFO playbookMehra explained that this is a combination of more action happening in the US and the need to be closer to understand what is happening in the region and where the buck is going. 'There is a lot of cross border action happening as well, which being there helps to a certain extent,' he added. Two Bengaluru-based investors ET spoke to said that they are travelling to the US more often to understand how the technology is evolving. 'Travelling there iseye-opening in terms of what is happening in AI and the kind of talent density that is available there,' one of the investors Krishna, founder, Inkle, a US accounting and tax automation startup, said this is happening globally as well. For instance, he highlighted that a global accelerator, which had originally encouraged founders to start the company wherever they were, is now encouraged to move to the US.'Their original pitch was that build wherever you are, talent is everywhere and sit anywhere in the world. This was 10 years ago,' Krishna said.'This is because the early-stage AI startup has centralised itself to San Francisco city, which has become centre of gravity for startups and foundational model companies. This has eroded Silicon Valley's relative historical dominance over SF, as thousands moved to or launched in the city,' he explained. This includes OpenAI and Y Combinator companies that are in SF that have created a concentration of talent in the region resulting in a vibrant AI ecosystem, attracting investors, startups and techies. 'Now you will see entrepreneurs and investors all over the world making pilgrimages to SF every six to 12 months,' Inkle's Krishna says. What are investors doing in the US?Indian investors have been investing aggressively in the AI space in recent times. With a lot of startups in the AI space moving to the US, it is also becoming important for investors to help them with the networks. ET had earlier reported that a number of AI startups such as and Composio have moved to SF to tap into this ecosystem. Early this year, Sarvam AI, which is building an Indic foundational model, launched Sarvam Labs in the Bay Area in the US in March in LightSpeed office in Menlo Park, Andra, managing director, Endiya Partners, who has been spending 3-4 months a year in the US, said, 'They (portfolio startups) need connections and networks. So, helping them becomes very important,' he said. But he does not see himself spending more than that in the Capital's Mehra said that in the last two years they have invested in 15-20 companies, compared to the norm of five or six before, primarily driven by AI. 'There is a lot of potential to build category leading companies, some of them in India. But some of them are easier to do in the US. That is why founders are moving early, and the pool is much larger. This might change in five years,' he said. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. 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Time of India
2 days ago
- Business
- Time of India
VCs on AI flight to valley
Academy Empower your mind, elevate your skills ETtech Indian venture investors are setting up shop in San Francisco, the AI epicenter, as they chase cutting edge development of the technology and aim to spot the next wave of AI Indian venture capital companies, such as Elevation Capital and Peak XV , have set up shop at AI epicenter, San Francisco, in the US to tap into the booming addition to this, investors are spending more time in San Francisco or SF as it is called, as the pace of AI development grows unabated in the Capital recently hired Capillary Technologies cofounder and former Meta executive Krishna Mehra, as the AI partner, with more people from the team spending significant time in the US. Peak XV has set up an office in SF, and has hired Arnav Sahu, former Y Combinator principal, to drive investments. Blume Ventures ' managing partner Sanjay Nath is spending time in San Francisco and has also learnt that VC firm Z47 is looking to expand its presence in San Francisco, in the US. The email sent to the company did not elicit any response till the time of Mehra, AI Partner, Elevation Capital, who is based in Palo Alto, quipped that it is now easier to meet a VC in the Valley than in Bengaluru. 'I end up meeting more people from the investment community there,' he are a few things driving explained that this is a combination of more action happening in the US and the need to be closer to understand what is happening in the region and where the buck is going. 'There is a lot of cross border action happening as well, which being there helps to a certain extent,' he Bengaluru-based investors ET spoke to said that they are travelling to the US more often to understand how the technology is evolving. 'Travelling there iseye-opening in terms of what is happening in AI and the kind of talent density that is available there,' one of the investors Krishna, founder, Inkle, a US accounting and tax automation startup, said this is happening globally as well. For instance, he highlighted that a global accelerator, which had originally encouraged founders to start the company wherever they were, is now encouraged to move to the US.'Their original pitch was that build wherever you are, talent is everywhere and sit anywhere in the world. This was 10 years ago,' Krishna said.'This is because the early-stage AI startup has centralised itself to San Francisco city, which has become centre of gravity for startups and foundational model companies. This has eroded Silicon Valley's relative historical dominance over SF, as thousands moved to or launched in the city,' he includes OpenAI and Y Combinator companies that are in SF that have created a concentration of talent in the region resulting in a vibrant AI ecosystem , attracting investors, startups and techies. 'Now you will see entrepreneurs and investors all over the world making pilgrimages to SF every six to 12 months,' Inkle's Krishna investors have been investing aggressively in the AI space in recent times. With a lot of startups in the AI space moving to the US, it is also becoming important for investors to help them with the had earlier reported that a number of AI startups such as and Composio have moved to SF to tap into this this year, Sarvam AI, which is building an Indic foundational model, launched Sarvam Labs in the Bay Area in the US in March in LightSpeed office in Menlo Park, Andra, managing director, Endiya Partners, who has been spending 3-4 months a year in the US, said, 'They (portfolio startups) need connections and networks. So, helping them becomes very important,' he said. But he does not see himself spending more than that in the Capital's Mehra said that in the last two years they have invested in 15-20 companies, compared to the norm of five or six before, primarily driven by AI. 'There is a lot of potential to build category leading companies, some of them in India. But some of them are easier to do in the US. That is why founders are moving early, and the pool is much larger. This might change in five years,' he said.
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First Post
6 days ago
- Business
- First Post
India's Pine Labs eyes up to $6 bn valuation in $1 bn IPO
Pine Labs, which provides payment solutions such as point-of-sale machines for card transactions, is targeting a valuation between $5 billion and $6 billion read more Indian fintech firm Pine Labs is aiming to raise up to $1 billion through an initial public offering that could value the company as high as $6 billion, according to a person familiar with the matter. The company plans to issue new shares worth 26 billion rupees ($304 million), while existing shareholders including Peak XV, PayPal, and Mastercard will sell up to 147.8 million shares, according to draft documents filed with India's market regulator. STORY CONTINUES BELOW THIS AD Pine Labs, which provides payment solutions such as point-of-sale machines for card transactions, is targeting a valuation between $5 billion and $6 billion, the person said on condition of anonymity. The company was last valued at $5 billion during a funding round in 2022. Proceeds from the IPO will be used to invest in Pine Labs' overseas subsidiaries, fund technology development, and reduce debt, the filings said. The IPO comes amid signs of recovery in India's equity markets, which have had a sluggish start to the year. Foreign investors, who had pulled back significantly in recent months, are beginning to return, lured by large block deals that analysts say could signal a rebound in IPO activity. Despite the recent uptick, IPO proceeds in India are down 4.2 per cent so far this year compared with the same period in 2023, and the number of offerings has dropped by nearly 29 per cent, according to LSEG data through mid-June. The Nifty 50 index has gained 8 per cent in 2025, though it remains 3 per cent below its all-time high reached in September. This week, six IPOs opened for bidding, including a $1.5 billion offering from HDB Financial, which would be the largest by a non-bank lender in India. According to its prospectus, Pine Labs reported revenue of 13.41 billion rupees for the fiscal year 2024, up slightly from 12.91 billion rupees the previous year. However, losses widened to 1.87 billion rupees from 562 million. STORY CONTINUES BELOW THIS AD Morgan Stanley, Citi, and Jefferies are among the bookrunners for the offering. With inputs from Reuters
CNA
6 days ago
- Business
- CNA
Fintech firm Pine Labs seeks up to $6 billion valuation in India IPO, source says
Indian fintech firm Pine Labs' [ initial public offering could be worth about $1 billion and the company is seeking a valuation of up to $6 billion, a source familiar with the matter said on Thursday. Pine Labs is looking to issue fresh shares worth 26 billion rupees ($304 million) while existing investors including Peak XV, PayPal and Mastercard will sell up to 147.8 million shares, draft papers filed with the market regulator showed. The company, which competes with Paytm and Walmart's PhonePe, is seeking a valuation of between $5 billion and $6 billion, according to the source, who did not want to be identified. The company was last valued at $5 billion when it raised funds in 2022. Pine Labs offers full-stack payment solutions such as point-of-sale machines to merchants for card payments. It will use the IPO proceeds to invest in overseas units, develop technology and pare down debt. India's IPO market has had a slow start to the year, but foreign investors are now returning to local stocks after a major exodus, attracted by big-ticket block trades, often a precursor to a recovery in IPOs. IPO proceeds from Indian issues are down 4.2 per cent so far this year compared to a year earlier, while the number of issues have fallen 29 per cent, data from LSEG up to mid-June showed. Still, the stock market is gathering steam as concerns around global trade uncertainties ease. The benchmark Nifty 50 is up 8 per cent this year, but remains 3 per cent below its record highs hit last September. Six IPOs are open for bids this week, including HDB Financial's $1.5 billion offering, the biggest ever by an Indian non-bank lender. Pine Labs posted a revenue of 13.41 billion rupees in fiscal year 2024, up from 12.91 billion rupees in 2023, while its losses widened to 1.87 billion rupees from 562 million over the same period, according to its prospectus. Morgan Stanley, Citi and Jefferies are among the bookrunners for the offering.
CNA
7 days ago
- Business
- CNA
Fintech firm Pine Labs seeks to raise $304 million in India IPO
Indian fintech firm Pine Labs [ has filed for an initial public offering and is seeking to raise 26 billion rupees ($304 million) by issuing fresh shares, draft papers showed on Thursday. Existing investors, including Peak XV, PayPal and Mastercard, will also sell up to 147.8 million shares, according to the filing. Pine Labs offers full-stack payment solutions such as point-of-sale machines to merchants for card payments, and competes with Paytm and Walmart's PhonePe. It will use the IPO proceeds to invest in overseas units, develop technology and pare down debt. India's IPO market has had a slow start to the year, but foreign investors are now returning to local stocks after a major exodus, attracted by big-ticket block trades, often a precursor to a recovery in IPOs. IPO proceeds from Indian issues are down 4.2 per cent so far this year compared to a year earlier, while the number of issues have fallen 29 per cent, data from LSEG up to mid-June showed. Still, the stock market is gathering steam as concerns around global trade uncertainties ease. The benchmark Nifty 50 is up 8 per cent this year, but remains 3 per cent below its record highs hit last September. Six IPOs are open for bids this week, including HDB Financial's $1.5 billion offering, the biggest ever by an Indian non-bank lender. Pine Labs posted a revenue of 13.41 billion rupees in fiscal year 2024, up from 12.91 billion rupees in 2023, while its losses widened to 1.87 billion rupees from 562 million over the same period, according to its prospectus. Morgan Stanley, Citi and Jefferies are among the bookrunners for the offering.
