Sequoia Capital announced that it has received commitments of $1.35 billion for new investments in India and southeast Asia.. According to Shailendra Singh, Managing Director, Sequoia India, the three Sequoia India funds will continue to invest across India and Southeast Asia (SEA). They will be used to double down on investments in both early- and growth-stage firms in the technology, consumer and healthcare space. The firm now operates seed, venture and growth funds, a structure that allows it to remain a relevant partner for founders at all stages in their journey.
“We are excited about the depth of opportunities in this region, which is undergoing a massive technology-led transformation. The startup ecosystem in both India and SEA has come a very long way in the last few years; the market gets deeper and the crop of founders, and their achievements, becomes more impressive each year,” said Singh. “The combined GDP of India and SEA is expected to cross $14 trillion and the number of mobile internet users will likely cross 1.5 billion by 2030. This region will become home to a number of massive technology companies during the next decade.”
The new funds underscore Sequoia’s commitment to India and SEA, where it has over 200 investments so far. In India, Sequoia invested in leading startups which include Bira, Byju’s, Zomato, Mu Sigma, Freshworks, Druva, Freecharge, OYO Rooms, Practo and JustDial, among others. The fundraise has come at a time when VC investments in startups continue to decline due to the Covid-19 outbreak.
While the market is deepening, India has world-class founders and formidable tech talent, it is time to build more products that can compete globally on quality, not just on price.
“We need more unique and innovative startups, pursuing original ideas in addition to “X of Y” business models. We need more examples of authentic leadership, improvements in gender diversity and inclusive, safe and nurturing work culture for our teams. In short, our ecosystem needs exemplary, enduring, lighthouse companies of the future, that can prosper for decades and be resilient across market cycles,” said Singh.
