Sequoia Capital India announced today the closure of its second growth equity fund dedicated to India — Sequoia Capital India Growth Fund II.
Sequoia Capital India has raised $725 million in this fund, to be invested in late stage, pre-IPO and public market investments in India. With this fund, Sequoia Capital India now manages India-targeted funds capitalized at close to $1.8 billion.
Sumir Chadha, managing director, Sequoia Capital India said, “The successful raising of Sequoia Capital India Growth Fund II demonstrates our belief in the strong growth story in India, and builds on the performance of our first growth fund. This fund allows us to offer the powerful Sequoia Capital platform of global networks and local knowledge to growth companies and help them expand into market leaders.”
“We believe that India has a very high number of promising companies that are poised to take their businesses to the next level and we are committed to investing and partnering with these firms to help them achieve their goals.” said Sandeep Singhal, Managing Director, Sequoia Capital India. In 2006, Sequoia Capital India raised its first Growth Fund of $400 million.
This fund has achieved decent success with notable investments in Café Coffee Day, hydropower firm Coastal Projects, menswear apparel firm Cotton County, institutional brokerage firm Edelweiss Capital, luxury brand operator Genesis Colours, contract research company GVK Bio, telecom operator Idea Cellular, and microfinance firm SKS Microfinance.
Sequoia Capital India manages both growth/late-stage and early stage funds. Through these funds, Sequoia Capital India has invested in more than 50 companies including in companies such as Applabs, Bharti Telesoft, Dr Lal Pathlabs, Firstsource, GlobalLogic, Indecomm Global and marketRx. These investments span a broad range of sectors focused on high growth companies and management teams with a strong potential to succeed.
Sequoia Capital India is led by Managing Directors KP Balaraj, Sumir Chadha, SK Jain, and Sandeep Singhal. With the closure of Sequoia Capital India Growth Fund II, Abhay Pandey, who joined Sequoia Capital India in 2007, has been promoted to Managing Director.