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.

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 ju

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