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To invest in Internet, wireless industry, infrastructure and consumer durables

JOINING HANDS: Mr Surendra Jain (left), MD, Sequoia Capital India, with Mr Douglas Leone, General Partner, Sequoia Capital, at a press conference in Mumbai on Wednesday. - Paul Noronha

Mumbai , May 3

Venture capital fund companies Sequoia Capital and WestBridge Capital Partners on Wednesday announced a merger, with the new entity to be called Sequoia Capital India. Sequoia Capital has been present in the Indian market for the past 15 years, originally starting off as an engineering outsourcing unit. It will now invest in growing Indian companies and assist entrepreneurial activities.

Mr Sumir Chadha, co-founder and senior Managing Director of WestBridge, said, "The formation of Sequoia Capital India follows the close working relationship between the two firms, including two co-investments in India, namely Bharti Telesoft and Mauj Telecom."

The new fund will invest in the Internet and wireless industry as also in fields of diagnostic technology, hotel management, infrastructure and consumer durables, said company officials.

Sequoia Capital has partners in the US, China, Israel and caters to companies in electronic components, systems, software and services sector. Mr Douglas Leone, General Partner at Sequoia Capital, US, said the growth of Indian GDP, coupled with the emergence of the middle class as a significant purchasing category, creates a favourable climate for investment.

Prior to the launch of the new company, WestBridge has worked with companies such as Applabs, ICICI OneSource, Royal Orchid Hotels, Dr Lal Pathlabs and Times Internet. The four managing directors of WestBridge - Mr Sumir Chadha, Mr K.P. Balaraj, Mr Sandeep Singhal and Mr S.K. Jain - will manage Sequoia Capital India.

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