Peak XV’s Surge now backing startups in US, UK, Australia, China

Subscribe to enjoy similar stories. Early-stage venture capital firm Peak XV’s seed platform Surge has seen its global footprint expand to markets such as Australia, China, the UK, and the US, according to a top company executive. Peak XV’s managing director Rajan Anandan told Mint in an interview that the program, which started off with focus on India and Southeast Asia, has now expanded to support companies in other markets.

“We have a company building for China," he said. “The firm’s thesis and ambition with Surge has remained the same. The objective is to bend the arc of early-stage founders so we can increase the odds that they’re going to build legendary companies." Launched in 2019 by Peak XV (formerly Sequoia Capital India), Surge is a 16-week “founder’s academy" program for startup founders that takes them through the genesis of building and scaling a business.

Peak XV accepts applications to Surge on a rolling basis with two cohorts of 10-20 founding teams every year. The firm backs these companies with up to $3 million. Apart from an expanding global presence, the ambitions and the way the Surge startups approach the market has changed.

“In the first cohort of Surge, only 5% of companies were building for the world. Today, that percentage is more like 50-60%. More than half our cohorts are building for the world," Anandan said.

The last two cohorts are indicative of the ongoing innovation across the startup ecosystem, Anandan said. “If you look at the ninth and 10th cohort of Surge, it’s a mirror of what’s happening in India’s startup ecosystem. There is innovation in every part of the Indian economy," he said.