Sequoia Capital to trim sixth India fund size by 25% to $650-700m: Report

REUTERS/Dado Ruvic

US-based venture capital firm Sequoia Capital is reducing the size of its sixth India fund by almost 25 per cent to $650-700 million as investors  tread cautiously, said a Times of India report published on March 19.

After raking in $920 million for its fifth fund two years ago, the Silicon Valley-headquartered firms was reportedly looking to raise $1 billion for the sixth fund, which would have been the largest India-focused fund till date. The media reports further said that the corpus would be raised across multiple vehicles, and could also have two separate investment committees for each fund.

Sequoia – which is invested in Indian companies such as Zomato, OYO Rooms, Mobikwik, beer brand Bira, and Grofers – would deploy India Fund VI across internet, consumer and healthcare companies here as well as in Southeast Asia, the report said, quoting sources.

Sequoia Capital’s local team also leads investments in Southeast Asia and has set up an office in Singapore, and that’s why the region holds a great importance for the firm as far as investments are concerned.

For larger investments in India, Sequoia may allocate a sizable amount from its proposed $6-7 global growth fund, as reported by the US media.

Since its foray into India in 2006, Sequoia has invested in over 100 companies across sectors such as, healthcare, consumer and financial services. Currently, Sequoia Capital India manages about $3.2 billion of investments.

VC funds are increasingly getting attracted towards Indian tech and internet startups and raising funds to invest in the same. Recently, it was reported that domestic private equity firm True North was in the process of raising a $1 billion fund. Besides, SAIF Partners is also on road to raise around $400 million for its new fund. India and US-focused Nexus Venture Partner is also looking to raise $400 million for its new fund.

In December 2016, Bengaluru-based Accel Partners India raised its fifth $450 million fund. Apart from India and Southeast Asia, China is another big market for Sequoia. As per a filing, Sequoia’s China Growth Fund IV has raised about $900 million to invest in startups in the Chinese market.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.