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Peak XV Partners (formerly Sequoia Capital India and Southeast Asia) has achieved a massive 16X return on its total investments in Go Fashion, the parent company of Go Colors, a popular women’s wear brand, according to a report by Moneycontrol.

Through a block deal on Monday, the venture capital firm sold its entire 10.18% stake in Go Fashion. The total size of the block deal is reported to be Rs 624 crore.

Peak XV Partners, which had invested around $10 million in the women’s legwear maker in November 2014, has now exited the company with a return of $150 million, translating to a 15-16X multiple on the original investment at an internal rate of return of 43%.

The report said the entire sum would now go to the revamped Peak XV team, which separated from Sequoia Capital in the United States.

Shailendra Singh, Managing Director of the VC firm, has said that the profit-sharing agreement between the VC firms will be dissolved.

In a recent interview with YourStory, Singh said although the investment climate has changed for the startup ecosystem due to the ongoing funding winter, “the best companies are founded and the best investments are made in downturns…tough funding cycles are a gift for investors.”

Peak XV Partners was formed last week after its parent entity, Sequoia Capital, split into three.

With $9.2 billion raised across 13 funds, investments in over 400 companies, and $4.5 billion in exits through M&As and IPOs, Sequoia India and Southeast Asia has had an impressive track record in the region.

Peak XV Partners is sitting on $2.5-billion dry powder.

Singh thinks the split from its parent will make the India and SEA unit more agile.