The Silicon-based VC firm, Sequoia Capital has raised a massive new $920 million fund to make investment in Indian startups as well as South East Asian companies. This has been the biggest raise by any VC firm for India-specific investments, bringing the Sequoia’s total assets under management to more than $3 billion.
The firm has backed companies like OYO Rooms, Practo, FreeCharge (acquired by Snapdeal), Grofers, Craftsvilla and Roadrunnr among others. It has invested in more than 100 companies since 2006.
In April 2015, Sequoia added another $210 million to its existing $530 million India-focused Fund IV. Last year, the firm was planning to raise its fifth fund and the amount was estimated at around $800 million.
In January this year, Silicon Valley-based venture capital firm, Storm Ventures launched a $10 million fund to make investment in Indian SaaS startups.