Sequoia Raises $2.85 Billion For India, Southeast Asia Funds
The fund continues backing startups in the region despite a stock market rout roiling tech companies.
(Bloomberg) -- Sequoia India and Sequoia Southeast Asia raised $2.85 billion across three funds to continue backing startups in the region despite a stock market rout roiling tech companies.
For the first time, Sequoia is launching a dedicated Southeast Asian fund, totaling $850 million, while $2 billion will be allocated to the Indian venture and growth funds, according to a blog post on Tuesday.
“This fundraise, which comes at a time when markets are starting to cool after a very long bull run, signals our deep commitment to the region,” the firms said in the post.
Since starting in India 16 years ago, Sequoia India has broadened its geographical reach to include Southeast Asia, betting on companies like Gojek and Tokopedia, which have merged to become Indonesia’s largest publicly listed tech company known as GoTo Group. Sequoia India and Southeast Asia now have about $9 billion of assets under management.
Sequoia India has invested in more than 400 startups across India and Southeast Asia, 36 of which are valued at more than $1 billion including Byju’s and Zomato Ltd., according to the firm. An additional 13 companies have gone public.
Not all investments have panned out. Sequoia-backed fashion startup Zilingo Pte fired Ankiti Bose as chief executive officer last month after an investigation into allegations of financial irregularities. The board has appointed an independent financial adviser to explore options for the company’s future.
Read more: Sequoia Capital Warns Founders After ‘Crucible Moment’
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