Sequoia Capital, WestBridge Capital enter into joint venture

For the first time a global venture capital firm, Silicon Valley's Sequoia Capital has joined hands with a local firm in India, WestBridge Capital, India's largest venture capital firm, to form Sequoia Capital India.

Sequoia Capital India will focus on investing in the high growth domestic companies and assist entrepreneurs in building their business.

WestBridge's founders and management team will become its general partners and will manage all investment and organisational decisions in India.

"The existing fund of WestBridge will be renamed and the new fund will be introduced within a month," said KP Balaraj, co-founder and managing director of WestBridge.

Silicon Valley-based Sequoia Capital is the global venture capital firm with assets under management that are over 10 per cent of Nasdaq's market capitalisation.

WestBridge Capital Partners is a Mauritius-based Indian venture capital fund with $350 million asset under management. The fund focuses primarily on high growth businesses like internet, wireless and outsourcing that are leaders in their market segments.

Douglous Leone, general partner at Sequoia Capital, US, said, "India with its growing GDP and rising middle class, is becoming an important market for venture capital firms. With the boom in internet-based consumer services, venture capital firms are lured towards the Indian market." Sumir Chadha, co-founder and senior managing director of WestBridge, said, "Sequoia Capital has built a tremendous franchise in the industry and it will strengthen its quest to build India's leading venture firm. The formation of Sequoia Capital follows the close working relationship between our two firms over the past several years, including two investments in India, Bharti Telesoft and Mauj."