Sequoia Capital raises $530 mln India-focused fund

India festival shutterstock_150706844

(Reuters) – Sequoia Capital, best known for its early-stage investments in companies such as Google Inc , has raised $530 million for its fourth India-focused fund, the U.S. venture capital fund said in a statement.

Although intended to focus on India, the fund will also look for opportunities in Southeast Asia, and will invest primarily in technology, consumer and healthcare sectors, Sequoia said.

With the new fund, the total capital committed to Sequoia’s India-focused investments will be around $2 billion, it said in the statement. The U.S. fund’s strategy in India includes seed, venture and growth investments.

Sequoia Capital is invested in more than 75 companies including Just Dial, handset maker Micromax Informatics Ltd, and Vasan Eye Care Ltd.

The new fund comes amid surging interest by foreign investors in India, fueled by expectations that the new Narendra Modi government will help kickstart economic growth with new economic and fiscal reforms.

(Reporting by Indulal PM; Editing by Subhranshu Sahu)

Photo courtesy of ShutterStock

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