Peak XV’s early Pine Labs bet lands $1 billion+ in likely gains

A $32-million commitment in Pine Labs in 2014 by Peak XV Partners (previously, Sequoia Capital) has turned into what’s called in standard Dalal Street vernacular a 30-bagger, generating more than a billion dollars in both realised and unrealised gains. Peak XV which first backed Pine Labs in 2009, doubled down on the company in its first major institutional round in 2014.

According to two people in the know, the venture capital firm had invested around $35 million in total into Pine Labs and liquidated around $550 million through stake sales over…