Sequoia Capital bullish on India, has stake in 39 startups: Report

Venture Capital firm Sequoia is bullish on India and has invested in several startups that are expected to become unicorns in the coming years, a report said.

Recently, Sequoia Capital raised USD 2.85 billion to fund Indian and Southeast Asian startups despite the markets cooling after a very long bull run. The fundraising is Sequoia's largest so far for India at USD 2 billion with the rest committed to Southeast Asian startups.

The fund house has stakes in 39 startups that could turn unicorns in 2-4 years, according to ASK Private Wealth Hurun India Future Unicorn Index 2022.

In its 16th year of operation in India, Sequoia has some blockbusters in its kitty like Turtlemint, SaaS Labs, Classplus, DeHaat, Porter, Progcap, and CityMall, the report said, adding these have the potential to become unicorns in the next two years.

Unicorns are startups with a turnover of USD 1 billion or about Rs 8,000 crore.

Sequoia Capital in its recent communication said there is a strong sense in the emerging economies and fast-changing societies across India and Southeast Asia that 'now is our time'.

Many large companies with regional or global footprints will emerge from this region in the decade to come, it said in its communication titled 'Building for the Long-Term'.