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Mr Naresh Malhotra

Our Bureau

Mumbai, Aug. 27 US-based private equity firm Sequoia Capital proposes to invest $725 million in late stage, pre-IPO companies through its subsidiary Sequoia Capital India.

Sequoia Capital India on Wednesday announced the closure of its second growth equity fund — Sequoia Capital India Growth Fund II.

“The fund has raised $725 million, to be invested in late stage, pre-IPO and public market investments in India,” said Sequoia Capital India in a statement issued here on Wednesday.

“Around 70 per cent of the fund will be invested in consumer focused business, financial services and infrastructure companies, and the remaining amount will be invested in all other sectors,” said Mr Sumir Chadha, Managing Director, Sequoia Capital India. “The fund is going to start investing in companies within the next two months. The investment in individual companies will range between $10 million and $70 million,” said Mr Chadha.

In 2006, Sequoia Capital raised its first Growth Fund of $400 million. With the raise of Sequoia Capital India Growth Fund II, Sequoia Capital India now manages India-targeted funds capitalised at close to $1.8 billion, the company said.

Globally Sequoia Capital manages close to $10 billion of funds.

Notable investments from the first fund include telecom operator Idea Cellular, institutional brokerage firm Edelweiss Capital, food services and coffee company Café Coffee Day, hydropower firm Coastal Projects, menswear apparel firm Cotton County, luxury brand operator Genesis Colours, contract research company GVK Biosciences, and microfinance leader SKS Microfinance, the company said.

“We believe that India has a very high number of promising companies that are poised to take their businesses to the next level and we are committed to investing and partnering with these firms to help them achieve their goals,” said Mr Sandeep Singhal, also a Managing Director for Sequoia Capital India.

Sequoia Capital India has invested in more than 50 Indian companies in the past 8 years, including Applabs, Bharti Telesoft, Dr Lal Pathlabs, Firstsource and Shaadi.com, among others.

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