Peak XV Partners has joined a $100 million fundraising by London-headquartered global payments infrastructure startup Primer, the latest in a string of overseas bets by India’s largest venture capital firm.
The round was led by Belgium-based Sofina, with Peak XV Partners and existing investors Balderton, Accel, ICONIQ, Tencent and Speedinvest participating, Primer said in a statement on Wednesday.
The startup said the round was oversubscribed and will be used to accelerate investments in AI for payments and finance teams and expand in the US, which it expects to account for more than a third of its revenue by 2028.
The investment comes as Indian venture capital firms, led by Peak XV, are increasingly looking at US-based AI and SaaS companies. Earlier this month, Peak XV opened its first office in the US, in San Francisco’s Bay Area.
ET reported a couple of weeks ago about Peak XV appointing former Fractal executive Shelly Singh as an operating partner in San Francisco, as the firm sharpens its focus on US deals, especially in AI. Last year, the VC hired Arnav Sahu, a former investor at Y Combinator, as a partner in the US.
Since mid-2025, Peak XV has backed US-based AI startups, including PostHog, MarqVision, and Hyperbound , ET had reported. It also recently participated in cybersecurity startup Exaforce’s $125 million Series B round.
What Primer does
Primer, founded in 2020 by former Braintree and PayPal executives, provides a unified infrastructure layer for global payments. The company said many merchants still run payments across multiple processors, acquirers and fraud tools, leaving them without a single view of payment flows.
According to the startup, its platform sits across a merchant’s payment lifecycle, from checkout to pay-out, captures more than 400 data points per transaction, and manages over 95% of customer payment volume for the merchant, on an average.
Primer processes billions of transactions annually for various brands, including GetYourGuide, Dialpad and Printful. The startup said it will use the new capital to expand its AI product, Primer Companion, which was released last year and is used by merchants to answer payment queries and surface contextual insights.
The US currently accounts for around a fifth of Primer’s revenue, with annual recurring revenue in the region doubling year on year, the company said. It plans to hire up to 50 people in the US to support expansion.
