Sequoia Capital India is expected to raise a separate fund of USD 150-200 million for its Surge programme, sources told Economic Times. The VC firm recently roped in Google India chief Rajan Anandan, who has backed more than 60 startups as an angel investor, to lead the programme.
"Sequoia has approached limited partners to pitch for a fund independently and onboarding someone like Anandan will make it easier to get in the capital. He is a very well-respected name in the technology and startup ecosystem,” one person told ET.
The fund managed to get high-profile entrepreneurs such as Zomato founder Deepinder Goyal, Oyo's Ritesh Agarwal and Cred's Kunal Shah as mentors for the programme. Surge combines USD 1.5 million of seed capital with company-building workshops, global immersion trips and support from the founder community.
Anand Lunia, founder of India Quotient, a seed-stage fund, said that every VC has to factor in Sequoia’s strategy in their game plan going forward.
Sequoia recently launched a seed-stage fund in China, In the US, it has allocated USD 180 million for the Sequoia Scout programme. With a separate fund for Surge, India and Southeast Asia will see its allocation go up to US 900 million.