According to reports, Peak XV Partners (previously Sequoia Capital India and Southeast Asia) has generated a huge 16X return on its entire investments in Go Fashion, the parent business of Go Colours, a popular women's apparel brand.
On Monday, the venture capital firm sold its whole 10.18 per cent share in Go Fashion in a block sale. According to reports, the entire value of the block deal is Rs 624 crore.
Peak XV Partners, which invested roughly USD 10 million in the women's legwear manufacturer in November 2014, has now exited the company with a USD 150 million return, corresponding to a 15-16X multiple on the original investment at a 43 per cent internal rate of return.
According to the report, the entire amount would now go to the restructured Peak XV team, which split from Sequoia Capital in the United States.
The VC firm's Managing Director, Shailendra Singh, has stated that the profit-sharing arrangement between the VC firms will be terminated.
Peak XV Partners was founded last week when Sequoia Capital was divided into three. Â Sequoia India and Southeast Asia has an impressive track record in the region, having raised USD 9.2 billion over 13 funds, invested in over 400 firms, and exited USD 4.5 billion through M&As and IPOs. Peak XV Partners has USD 2.5 billion dry powder.