India, April 25 -- Venture capital firm Peak XV Partners is reportedly planning to raise its first independent fund since splitting with US-based Sequoia Capital two years ago.

An ET report, citing people close to the matter, said that the VC firm aims to raise $1.2 - 1.4 Bn for the new investment vehicle to back early stage startups across India and Southeast Asia.

"They had a meeting with their limited partners (sponsors in funds) recently and expressed their intention to launch their maiden fund by end of the year.The firm expects to close the fundraise by early next year and will officially inform their LPs soon," sources told ET.

Besides, Peak XV is also looking to make larger investments through its growth vehicle.

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