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Sequoia India has closed its sixth fund at $695 million.
The fund will be used for investments in both early- and growth-stage companies in the technology, consumer and healthcare sectors across India and South-East Asia.
“Our newest fund underscores Sequoia’s commitment to India and SEA, where we have made over 200 investments so far,” Sequoia said in a blog post.
Sequoia had racked up a $920-million fifth fund a few years ago. Over the years, it has invested at very early stages in start-ups such as Citrus, Druva, Faaso’s, FreeCharge, Grofers, Healthkart, India Shelter Finance, Mobikwik, Pine Labs, Practo, Prizm Payments, Scio Health and Zilingo.
“This is another area where we intend to double down as we strive to help companies journey from idea to IPO and beyond,’ it said.
The company also announced that Managing Director Abhay Pandey is quitting. a“Abhay had wanted to create a dedicated consumer fund. While Sequoia is committed to consumer investments, dedicated sector funds, however, are not part of Sequoia’s structure. We understand Abhay's decision to chart his own course,” said its blog post.
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