Sequoia India looking forward to raise $2.8 Billion

Sequoia Capital India has asked its US parent company and investors to raise $2.8 billion for Indian and Southeast Asian startups. It is also planning to raise separate funds for India and Southeast Asia. Amit Jain, who joined the firm as managing director in 2019 is also stepping down from his position.

Sequoia India last raised $1.35 billion in mid-2020 for its seventh fund. The company also sold stakes worth $700 million in companies such as Indigo Paints, Pine Labs, Vini Cosmetics and Stovekraft last year. After raising the new fund, it will manage more than $8 billion, making it more than any other VC fund in India so far.

Sequoia US said that it is moving to an evergreen fund, a radical move that does away with investment expiry dates and gives the company the licence to hold on to its stakes for as long as it desires. However, Sequoia India will not get this structure in the eighth fund or anytime soon.