Pine Labs IPO brings cupcakes and big returns for VC firm Peak XV, days after Groww IPO

Published on: Nov 14, 2025 01:13 pm Peak XV Partners marked the Pine Labs IPO with trays of cupcakes this week, celebrating what has become one of the venture capital firm’s most lucrative bets. Peak XV Partners marked the Pine Labs IPO with trays of celebratory cupcakes this week, a sweet touch to what has become one of the venture capital firm’s most lucrative bets. The firm’s early and sustained investment in the fintech company has now translated into a massive windfall, cementing Pine Labs as one of its standout successes. Pine Labs IPO brought cupcakes to the office of Peak XV Partners. (X/@dvdt) Peak XV first backed Pine Labs in 2009 and later committed roughly $32–35 million in the company’s major institutional round in 2014. Over the years, the firm has steadily monetised part of its holding, realising about $550 million through secondary transactions. Ahead of the IPO, it still owned just over 20% of the company — a stake valued at around $570 million — and is expected to retain nearly 17% even after ling. The latest partial exit through the offer-for-sale component has delivered a return of nearly 40 times its initial investment, according to an Economic Times report. Cupcakes for Pine Labs IPOSharing photographs of the cupcakes decorated with Pine Labs branding, Peak XV managing director Ashish Agrawal wrote on X, “2nd cupcake day at @peakxvpartners offices this week. Thanks to my partner @sjs_day1 for 16 yrs of conviction and effort! Congratulations to @PineLabs for a successful ling!” Agrawal was referring to the IPO of Groww when he mentioned “second cupcake day”. On the National Stock Exchange, Groww shares opened at 112 rupees apiece and later rose to 124 rupees, outperforming the issue price of 100 rupees in its 754 million dollar IPO, as reported Reuters. Peak XV was among the early investors in Groww. About the Pine Labs IPOPine Labs made a strong debut on the Indian bourses on Friday, opening at ₹242 per share — a 9.5% premium to its issue price of ₹221 — on both the BSE and NSE. The stock continued to climb through the day, rising more than 24% to trade around ₹275 on the NSE and ₹274.85 on the BSE. News / Trending / Pine Labs IPO brings cupcakes and big returns for VC firm Peak XV, days after Groww IPO See Less