Former Peak XV Partners managing directors Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma are establishing their new venture capital firm Mettle Capital as an equal partnership, according to people familiar with the matter. This structure is unusual in the Indian venture capital landscape, where most firms distribute economics and decision-making unevenly across senior partners.
Equal Ownership and Governance from the Outset
People aware of the matter said the three founders aligned on equal ownership, governance, and long-term economics from the very beginning. The move comes months after their exits from Peak XV, where disagreements around economics and carried interest had triggered one of the firm's biggest leadership reshuffles since its split from Sequoia Capital.
Broader Shift in Venture Capital
Industry executives said the structure reflects a broader shift underway in venture capital. Newer firms are placing greater emphasis on governance and transparency around economics. “Historically, venture firms tend to struggle more over internal alignment and economics than investment performance,” said one person familiar with venture fund structures. “Equal partnerships are one way some firms try to create long-term stability.”
Another industry executive noted that many Indian VC firms historically operated with loosely defined carry-sharing arrangements. That occasionally created friction later as startup outcomes became larger and more valuable. “As the ecosystem matures and liquidity events become more meaningful, newer funds are trying to institutionalise economic structures more transparently from day one,” the person said.
Agrawal and Sharma declined to comment on detailed queries.
Rarity of Equal-Partnership Structures
Equal-partnership structures remain rare globally as well. Silicon Valley venture capital firm Benchmark Capital is among the best-known examples. In India, Stellaris Venture Partners, which emerged from Helion Venture Partners, broadly follows a similar philosophy.
Track Record of the Founders
The three investors represent some of the most successful bets from Peak XV's younger generation of dealmakers. Agrawal led Peak XV's investment in Groww. Mittal backed Razorpay and worked on investments including Mamaearth. Sharma focused on enterprise software and SaaS investments such as Atlan, Whatfix, and Scapia.
The Economic Times first reported on Wednesday that Mettle Capital is targeting a corpus of $350-400 million. The firm plans to invest in Series A and Series B startups, with selective seed-stage bets.
