Forbes:

Despite a challenging fundraising landscape in Asia, venture capital firm Peak XV Partners (formerly Sequoia Capital India & Southeast Asia) is moving forward with investments in its Surge 11 cohort of early-stage startups. According to Forbes, funding in Asia has declined by 25.5% year-over-year to $65.8 billion in 2024, marking a ten-year low. However, Peak XV, managing over $9 billion in assets, is proceeding with its commitment to invest up to $3 million in each of the 23 companies selected for the program. The Surge 11 cohort demonstrates a strategic emphasis on artificial intelligence (AI), fintech, and consumer-focused businesses. Peak XV is particularly interested in AI applications for both enterprise and consumer markets. Rajan Anandan, Managing Director of Peak XV and Surge, emphasized the transformative potential of AI, stating, "AI is leading the charge, not just in enterprise applications, [but] we are also seeing the emergence of new consumer AI companies." Examples of companies within the Surge 11 cohort include Finster, an AI platform providing equity research tools, and Ten X You, a sportswear startup capitalizing on the burgeoning consumer market in India. Anandan described the cohort as representing "the next wave of fintech companies and exciting new consumer companies in India and the region," adding that it "truly offers a glimpse of the future." Launched in 2019, the Surge platform has invested in over 170 startups to date, including Singapore-based unicorn Airalo. In addition to capital investment, the program provides participating startups with workshops focused on crucial business functions such as product development, sales, and engineering, and hosts a conference featuring prominent technology leaders like OpenAI CEO Sam Altman and Nvidia CEO Jensen Huang.