Image: Reuters Berita 24 English - Sequoia Capital announced on Tuesday that it has secured $2.85 billion to invest in Indian and Southeas...
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| Image: Reuters |
Berita 24 English - Sequoia Capital announced on Tuesday that it has secured $2.85 billion to invest in Indian and Southeast Asian entrepreneurs, despite the region's present lack of new business investment.
Sequoia's greatest fundraising effort for India and Southeast Asia to date.
Sequoia Capital raised $850 million in its first fund dedicated to Southeast Asia, according to a statement from the Silicon Valley firm. Since 2015, Sequoia Capital has been investing in Southeast Asian businesses through a common India fund.
The remaining $2 billion was raised through Indian venture capital and growth equity funds.
According to data from Venture Intelligence, the company's Indian affiliate, Sequoia India, has committed more than $8 billion to India and Southeast Asia over the last 15 years, including the freshly raised funds. In 2020, Sequoia India raised $1.35 billion for the area.
"At a time when markets are beginning to cool after a very lengthy bull run, this funding reflects our significant commitment to the region," Sequoia stated.
Since a record $35 billion in funding was raised by Indian companies last year, funding has slowed. Companies have been struggling to secure funding and some have had to layoff personnel as a result of the global tech downturn.
Hotelier Oyo, listed meal delivery business Zomato, and two startups that have merged: ride-hailing app Gojek and ecommerce firm Tokopedia are among Sequoia's successful investments in the region. GoTo, the united corporation, is Indonesia's largest publicly traded company.
