Sequoia Capital India raises $695 million for 6th Fund
Abhay Pandey leaves to create dedicated consumer fund
Sequoia Capital India recently closed its sixth fund, at $695 million, to invest in both early- and growth-stage companies in the technology, consumer and healthcare sectors across India and Southeast Asia (SEA).
The company’s fifth India-focused fund, worth $920 million, was raised more than two years ago.
Sequoia has made over 200 investments so far in India and SEA. This combined region is projected to have GDP of over $14T in 2030 and could have over 1.5B mobile internet users by then.
The firm has invested in around 140 companies in India, including Ola, MuSigma, Zomato, Citrus, Druva, Faaso’s, FreeCharge, Grofers, Healthkart, India Shelter Finance, Mobikwik, Pine Labs, Practo, Prizm Payments, Scio Health and Zilingo. It has made more than 55 exits in the country. Over the past 12 years, the firm has invested over $ 2 billion in startups in India.
In 2012, Sequoia India established a presence in Southeast Asia and now SE Asia accounts for 20–30% of Sequoia India’s investments, by value. Ithas made investments in Go-Jek, Tokopedia, Traveloka, One Championship, Appier and Carousell.
Several portfolio companies have had M&A events including GlobalLogic, Star Health, Scio Health Analytics, Prizm Payments, Freecharge, Citrus and others. Some have also gone public, including Prataap Snacks, JustDial, Ujjivan, Equitas and QuickHeal. “We see the pace of these key milestones picking up as more companies reach scale,” the statement said.
“At Sequoia, we believe in partnering early, when the company’s DNA is just beginning to take shape. This is another area where we intend to double down as we strive to help companies journey from idea to IPO and beyond.”
Sequoia India also announced the departure of Abhay Pandey, who worked at Sequoia Capital for more than 11 years. “Abhay had wanted to create a dedicated consumer fund. 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 and are grateful for his contributions,” the company said in a statement. He is on the board of 14 healthcare and consumer companies in Sequoia’s portfolio.
This follows the departure of two other managing directors of Sequoia India: Gautam Mago and VT Bharadwaj, who together launched a fund (A91 Partners) to invest in small- and mid-sized companies.
Abheek Anand, who joined Sequoia from Facebook, has been promoted to Managing Director. Abheek will focus on investments in SE Asia. He had led the investments in Appier, Cuemath, Grofers and MoneyTap.
Sequoia has also promoted four VPs to Principal roles. Ishaan Mittal and Sakshi Chopra will become Principals in the growth team. Ashish Agarwal and Harshjit Sethi will become Principals in the venture team.
“As we look to the future, the menu of investment opportunities is unprecedented — from mobile internet to online brands, enterprise SaaS to AI, crypto to deep tech in healthcare, new age consumer brands and beyond,” the company said in a statement.
