Sillion Valley’s oldest and most respected hedge fund, Sequoia Capital, has announced the launch of two new funds, an early stage venture and growth product for India valued at $2 billion as well as $850 million for exclusively for the Southeast Asian market. The focus will also be on the Web3 ecosystem.
Sequoia said the fundraising move comes at a time when the market is beginning to cool down after a hot bull cycle in 2021, demonstrating Sequoia’s commitment and deep faith in the crypto industry in its bullish narrative. long-term growth in the Indian and Southeast Asian markets.
In February 2022, Sequoia Capital was also planning to launch a $500 million crypto investment fund after leading a $450 million investment round in the Polygon blockchain.
The new funds also come at a time when three of Sequoia India and Southeast Asia’s portfolio startups are grappling with governance issues. Fintech giant BharatPe’s board of directors has found flaws with the founder. Singapore-based Zilingo platform and Indian live-commerce startup Trell also discovered similar flaws.
Even so, Sequoia affirms that India and Southeast Asia are the wealthiest investment markets in the region, and the two new funds will be seen as a positive development in the context of increasingly pessimistic financial markets.
While observing the growing wave of Web3 and continuous innovation in countries such as Vietnam, Philippines, Thailand and Malaysia, Sequoia Southeast Asia aims to continue to invest actively in the seed stage. and Series A funding round into potential companies.
Finally, Sequoia India is also looking to expand investment in new Web3 projects in the country despite the country’s lack of regulatory clarity. In fact, most foreign sponsors have been reluctant to support crypto startups here due to the harsh stance from the country’s government agency. The proof is that Polygon has just introduced a “tightening” condition for funding blockchain projects in India.