Sequoia Capital India, one of the leading venture capitalists, which floated a separate fund called Surge, is now reportedly looking to separately raise up to $200 million, as per a report in Economic Times. This news comes a day after Rajan Anandan, the erstwhile head of Google India joining Sequoia India at the helm.
It is being proposed that the induction of Rajan Anandan will make it easier for Sequoia to raise these funds and only limited sources are being tapped, it is understood. As is known, Anandan has himself picked up investments in several startups across sectors in India.
Though this is the first such attempt by Sequoia in India, the investor has already launched similar seed and early stage funding programmes in the US, called Sequoia Scout and one in China. Some of the other VCs have dedicated funds to take care of the needs of early stage startups. Kalaari Capital, Accel India, Kae Capital, India Quotient, Blume Ventures and Orios Venture Partners are all mentioned as investment companies that have allocated special funds or have an integrated programme within their funding strategies to fulfill the needs of entrepreneurs with bright ideas for startups. As mentioned, the young business-minded community might not have had it so good ever!
Sequoiaâ€™s Surge programme encompasses a $1.5 million seed funding plan with some company-building workshops and global immersion trips thrown in, apart from mentoring by some successful entrepreneurs. Zomato founder Deepinder Goyal, Oyo's Ritesh Agarwal and Cred's Kunal Shah, among others, are for example, mentors roped in by Sequoia for its Surge programme. Rajan Anandan will now lead Surge, joining 6 CEOs of Sequoia. He will drive the growth for Surge to make it one of the largest funds in the world. Surge will be looking to invest in startups across India and Southeast Asia.