Sequoia raises US$2.85b for India, South-east Asia funds

SEQUOIA India and Sequoia South-east Asia raised US$2.85 billion across 3 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 South-east Asian fund, totalling US$850 million, while US$2 billion will be allocated to the Indian venture and growth funds, according to a blog post on Tuesday (Jun 14).

"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 South-east 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 South-east Asia now have about US$9 billion of assets under management.

Sequoia India has invested in more than 400 startups across India and South-east Asia, 36 of which are valued at more than US$1 billion including Byju's and Zomato, according to the firm. An additional 13 companies have gone public.

Not all investments have panned out. Sequoia-backed fashion startup Zilingo 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. BLOOMBERG