Mettle Capital Research
Investment Thesis
Mettle Capital is an India-focused, early-stage venture capital firm launched in May 2026 by three former Peak XV Partners (formerly Sequoia Capital India) managing directors: Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma. The firm's own website is a placeholder ("Coming Soon") that describes it only as an "India-focused, early-stage venture capital firm." Everything below comes from press reports and fund databases, not from the firm. Third-party descriptions say Mettle backs companies that have shown product-market fit, customer traction and a clear path to scale, and takes part selectively in seed rounds. Reported focus areas are enterprise AI, deeptech and consumer internet, with fintech, B2B software, health tech and climate tech also listed by a fund database.
Stage Focus
Press coverage (ETtech, May 2026) says the firm plans to lead Series A and Series B rounds and stay selective at seed. One fund database lists Seed, Series A and Series B. The site's "early-stage" label is consistent with this.
Check Size
A fund database lists a $500K to $3M check range. This is unverified and sits oddly against a $350M fund that plans only 5 to 6 investments a year, so treat it as low confidence. The first reported deal is a co-investment in a $20M round, which suggests larger checks are possible.
Lead Tendency
Reports say Mettle intends to primarily lead Series A and B rounds. Its only reported deal so far is a co-investment alongside Peak XV, so lead behaviour is not yet observed. Recorded as unknown.
Recent Activity
- May 2026: ETtech reported the launch and a $350M to $400M target for the maiden fund, with LP conversations across three geographies and a Q3 close timeline.
- Late October 2026: Newcomer reported, citing two sources, that Mettle has raised $350M.
- October 16, 2026: Moneycontrol reported Mettle's first investment, a co-investment with Peak XV in Empirical Machines, an AI-for-science startup founded by a former OpenAI researcher. The round was reported at about $20M (upsized from $15M) at roughly an $80M valuation. Mettle and the company did not comment, and the fund raise had not been officially announced at the time.
Portfolio Highlights
No portfolio page exists. The only disclosed investment is Empirical Machines, per Moneycontrol sources and not a company or firm announcement. The founders' earlier Peak XV track record includes Razorpay, Five Star and Groww, but those were investments made at Peak XV, not Mettle.
Team
- Ashish Agrawal, Founding Partner. Former Peak XV managing director who led the firm's Groww investment.
- Ishaan Mittal, Founding Partner. Former Peak XV managing director leading growth, with early backing of Razorpay and Five Star. Based in Bengaluru, Harvard Business School alumnus.
- Tejeshwi Sharma (TJ), Founding Partner. Former Peak XV senior partner with long founder relationships.
Decision Process
Reported as an equal partnership among the three founders (ETtech, May 2026). The three worked together for about a decade at Peak XV. They left after disagreements over carried interest and payouts tied to the Groww investment, per Moneycontrol and Newcomer.
Founder Preferences
Not stated by the firm. Press framing points to founders with early traction who are building in AI, deeptech, enterprise and consumer internet in India, with an emphasis on long-term partnership ("backing ambitious founders for the long term").
Geographic Focus
India primarily. A fund database lists India, the United States and Singapore as countries of investment, and LP conversations span the US, Europe and Asia. Location is reported as Bengaluru, India (one database lists a London HQ; Bengaluru is used here).
Gaps
- No portfolio page and only one reported deal.
- Fund size ($350M) is reported by sources and has not been officially announced.
- Check size is from a database and is low confidence.
- Fund status and sector mix will need a refresh once the firm launches its site.