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<ul class="summary-list"><li>VC firm <keyword id="13647765" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has spoken out about fraud allegations at multiple <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> it's backed.</li><li>The firm said it was difficult to conduct due diligence on early-stage businesses.</li></ul><keyword id="11904329" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> India, a major investor in Southeast Asian startups, has said due diligence on early-stage startups is tough as four of its portfolio companies face fraud or misconduct allegations.<a href="https://india.sequoiacap.com/build/corporate-governance-the-cornerstone-of-an-enduring-company/">In a blogpost not attributed to a particular author</a>, the firm said: "Recently some portfolio founders have been under investigation for potential fraudulent practices or poor governance. These allegations are deeply disturbing."The post added: "It is easy to think of this issue as ascribed to poor due diligence. But let's remember that when investments are made at seed or early stage there is hardly a business to diligence. Even later stage investors can face negative surprises, post investment, if there is willful fraud and intent."<keyword id="12116150" type="UNKNOWN" weightage="60" keywordseo="sequoia" source="Orion">Sequoia</keyword> didn't name check any firms, but one of these negative surprises has been <a href="https://www.businessinsider.com/zilingo-ceo-suspended-accounting-probe-singapore-startup-report-2022-4">Zilingo</a>, a Singapore-based fashion e-commerce startup first backed by Sequoia in 2015 and estimated to be worth $970 million. <keyword id="13616941" type="UNKNOWN" weightage="60" keywordseo="zilingo" source="Orion">Zilingo</keyword> earlier this month suspended its cofounder and CEO Ankiti Bose amid a financial probe into its accounting practices. A lawyer acting for Bose called her suspension "unfair" in <a href="https://www.bloomberg.com/news/articles/2022-04-14/sequoia-s-singh-leaves-zilingo-board-amid-accounting-probe">a statement to Bloomberg</a>.Sequoia and another backer, Temasek, raised their concerns with Zilingo's board. Sequoia's Shailendra Singh subsequently resigned as director of Zilingo's board, Bloomberg reported.Three other Sequoia-backed startups are also under scrutiny.In mid-March, Indian news media reported that EY India was investigating social e-commerce platform <a href="https://inc42.com/buzz/trells-founders-under-scrutiny-for-financial-irregularities/">Trell</a> for alleged financial irregularities. The same month, <a href="https://economictimes.indiatimes.com/tech/startups/tax-officials-raid-zetwerks-offices-founders-homes-suspecting-tax-evasion/articleshow/90293975.cms?from=mdr">Zetwerk Manufacturing</a> was reportedly raided by Indian tax officials over alleged tax evasion concerns. Also in March, financial platform <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-loses-singapore-arbitration-bharatpe-probe-to-continue/articleshow/89887218.cms">BharatPe's</a> cofounder Ashneer Grover was <a href="https://techcrunch.com/2022/03/01/bharatpe-founder-ashneer-grover-siphoned-off-money-fintech-startup-says/">accused of misappropriating funds</a> by the firm and quit as CEO. Sequoia in its post called for better "guardrails" for the startup ecosystem, such as agreeing new rules around corporate governance, and said startup "boards can only work with the information shared with them" to uncover wrongdoing.Sequoia's post highlights the risks of investing in early-stage startups, where <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword> firms plow cash into unproven companies, often trusting in a founder's vision more than the solidity of their business model. The firm wrote that a startup's board "is not responsible to investigate on an ongoing basis" for potential bad behavior unless it's explicitly flagged up.But some regional investors shot back at suggestions that the wider ecosystem was at fault."Sequoia India, caught with their pants down with 4 portfolio companies. Decides to blames the 'eco-system,'" wrote Sam Gibb, managing partner of Singapore-based fintech investor Resolution Ventures, <a href="https://twitter.com/samngibb/status/1515837214499827714">on Twitter</a>. He said that bigger investors encourage a "growth-at-all-costs" mentality at startups, leading founders to step "over gray lines" to hit metrics."The interests of career VCs (where a bulk of remuneration is fixed) diverge from founders as status is more important to them than building lasting economic value," he wrote.Sequoia could not be reached over the phone for further comment.

Big-name investor Sequoia says startup due diligence is hard as 4 of its Asian portfolio companies face allegations of fraud or misconduct

<keyword id="744121" type="PERSON" weightage="20" keywordseo="minimalist">Minimalist</keyword>, a new-age homegrown <keyword id="2782303" type="PERSON" weightage="20" keywordseo="skincare-brand">skincare brand</keyword>, has raised Series A funding of Rs <keyword id="73571" type="PERSON" weightage="20" keywordseo="110-crore">110 crore</keyword> through multiple international investors in just nine months of its inception. The round was led by <keyword id="136147" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital-India">Sequoia Capital India</keyword>, with participation from <keyword id="2919607" type="ORGANIZATION" weightage="20" keywordseo="Unilever-Ventures">Unilever Ventures</keyword>. The brand plans to utilise the funds to enhance its infrastructure and R&amp;D capabilities, launch in global markets, as well as double down on its content creation efforts by sharing well-researched knowledge about skincare with its consumers. Launched in 2020 by Mohit and Rahul Yadav, Minimalist, which is a mission-driven brand committed to bringing high-levels of efficacy and transparency to the personal care segment, is rapidly gaining popularity due to its values and ethos. So far, they have served over one million customers and is the fastest growing skincare brand in India. Their products are popular among both women and men looking for solutions to acne, pigmentation, excess sebum, dull skin. Speaking about the fundraise, Mohit Yadav, Co-founder - Minimalist, said, "Consumers today are looking beyond marketing claims and are seeking efficacy based skincare products. Our growth so far proves that a radical change in skincare industry is underway. Together with our customers, we are creating 'Skincare 2.0' by offering proven solutions driven by scientific innovations." Having a portfolio of diverse skincare and hair care products, the brand retails through its own website, along with e-commerce giants like Amazon, Nykaa, Flipkart, Myntra, and numerous other marketplaces. Minimalist currently offers 20 products ranging from serums, toners, face acids and moisturizers that are well researched, backed by proven science, safe, effective, mindfully created, and suited for all skin types. "Minimalist's products take an efficacy-first approach using transparency and science as underpinnings to improving personal care outcomes. This has resulted in a strong following and business momentum. Having seen the power of Mohit and Rahul's execution over many years, <keyword id="122716" type="CITY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword> India is thrilled to lead the Series A financing in the company," said Shailesh Lakhani, Managing Director, <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword>. "Minimalist is trailblazing science-backed clean beauty formulations in India, a trend that has gained massive consumer acceptance worldwide and with growing consumer traction in India. We look forward to working with the founders and management team along with our fellow investors in supporting the brand's ambitions over the coming years," said Pawan Chaturvedi, Partner at Unilever Ventures. Sequoia Capital India operates in India and Southeast Asia, where they actively partner with founders across sectors from idea to IPO. Unilever Ventures is the venture capital arm of British multinational consumer goods company <keyword id="261686" type="COMPANY" weightage="20" keywordseo="Unilever-plc">Unilever PLC</keyword> that invests in fast growing companies across consumer and enterprise technology. SEE ALSO <a href="https://www.businessinsider.in/business/news/byjus-last-two-acquisitions-and-a-deal-with-disney-reveal-its-american-dream/articleshow/84783749.cms">Byju's last two acquisitions and a deal with Disney reveal its American dream ⁠— one that is anchored in India</a> <a href="https://www.businessinsider.in/personal-finance/news/six-red-flags-for-investors-to-avoid-becoming-a-victim-of-misselling-by-agents-or-financial-advisors/slidelist/84782913.cms">Six red flags for investors to avoid becoming a victim of misselling by agents or financial advisors</a>

Skincare brand Minimalist raises ₹110 crore in Series A funding led by Sequoia Capital India

Top VC firm <keyword id="136147" type="General" weightage="50" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has sold 17.2 crore shares of <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> in two tranches in the open market, lowering down its stake in the online food aggregator to 4.4 per cent from earlier 6.41 per cent. In a fresh filing with the Bombay Stock Exchange (<keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>), Zomato said Sequoia Capital India sold some 6.7 crore shares in the September 6-October 14, 2021 period and 10.5 crore shares between June 27-August 25, 2022. The stock sales were performed by <keyword id="14821825" type="General" weightage="50" keywordseo="sequoia-capital-india-growth-investment-holdings" source="Orion">Sequoia Capital India Growth Investment Holdings</keyword> I and <keyword id="13302083" type="General" weightage="50" keywordseo="sci-growth-investments-ii" source="Orion">SCI Growth Investments II</keyword>, according to Zomato. <keyword id="10639596" type="General" weightage="50" keywordseo="sequoia-capital-india-investments-iv" source="Orion">Sequoia Capital India Investments IV</keyword> also received 45,153,346 incremental equity shares on August 10 owing to the acquisition of quick-commerce delivery platform Blinkit, which further has a lock-in period of one year. Sequoia Capital India joins a list of private market investors like Delivery Hero, Moore Strategic Ventures, and <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, which have sold their shares in Zomato in the past months, either in open market or via block deals, as the online food delivery platform's stock gets hammered. On Friday, Zomato shares closed around Rs 61.85. Earlier this month, ride-hailing platform Uber sold its 7.8 per cent stake worth over $390 million in Zomato. Uber, which suffered around $707 million loss in its Zomato investment in the first half of this year, sold its share in the food delivery aggregator via a block deal on stock exchanges that has been bought by several global and Indian VCs. The Zomato block deal was executed at Rs 50.44 per share equivalent to 612 million or 7.8 per cent of total outstanding shares. In a statement to IANS, Zomato had said that "We are a public company and are not privy to what our shareholders are doing with their shares". According to the company, the losses for Blinkit are coming down every month -- from Rs 2,040 million (about $26 million) in January 2022 to Rs 929 million ($12 million) in July. The 10-minute delivery platform was acquired by Zomato for Rs 4,447 crore (about $568 million). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indices-end-marginally-higher-after-a-volatile-trading-session/articleshow/93802735.cms">Indices end marginally higher after a volatile trading session</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/heres-everything-you-need-to-know-about-uks-new-scale-up-visa/articleshow/93799259.cms">Here’s everything you need to know about UK’s new Scale-up visa</a>

Sequoia Capital offloads 2% of its stake in Zomato

<a href="http://www.businessinsider.in/searchresult.cms?query=Sequoia+Capital+India+">Sequoia Capital India</a> is ready for an aggressive pace of investments in the country. The <a href="http://www.businessinsider.in/searchresult.cms?query=v">Silicon Valley</a>-headquartered <keyword id="6357097" type="COMPANY" weightage="80" keywordseo="venture-capital">venture capital</keyword> firm is planning to raise about $800 million (about Rs 5,000 crore) for a new fund. 
 
The $800-million fund will be the largest <a href="http://www.businessinsider.in/searchresult.cms?query=Venture+Capital+">Venture Capital</a> fund for India, and one of the biggest in the venture and growth capital category in recent years. 
 According to two people familiar with the development, the fund raising process is expected to begin in 6-12 months and is likely to be closed in quick time, "as is the norm with <keyword id="270604" type="ENTERTAINMENT" weightage="100" keywordseo="Sequoia">Sequoia</keyword>". 
 
Sources who knew about Sequoia's plans for a new fund said the venture capital firm may begin approaching limited partners, industry parlance for investors in these funds, as early as October. 
 
The VC firm has nearly $2 billion under management and the new fund will make Sequoia, already a highly influential investor, one of the largest private equity and venture capital managers as well. 
 
One person familiar with the plan said: "One idea behind such a large fund could be to counter the influence of Tiger Global, which will be good for the ecosystem." 
 
Let’s know what experts has to say about Sequoia’s aggressive plans: 
 
1. The VC firm has the ability to invest: Its move to raise such a large fund in quick succession will signal to entrepreneurs the firm's ability to invest across early and late-stage deals, said industry experts. In the past year, several hedge funds have entered India and firms like <a href="http://www.businessinsider.in/searchresult.cms?query=Tiger+Global+Management+">Tiger Global Management</a> have been aggressively investing in early-stage deals. 
Sequoia Capital has been aggressively backing mid to late stage startups after it unveiled a $530-million fourth India-focussed fund in May 2014, nearly six years after it raised its previous corpus of $725 million in August 2008. Sequoia topped up its fourth India fund with another $210 million earlier this year. "They don't have fund cycles like normal VCs," said a Bengalurubased venture capital investor, adding that the typical cycle between successive funds is 3-4 years. 
 2. Sequoia has participated in at least 80 deals: It has participated in at least 80 deals worth over $1.7 billion since the beginning of 2014, according to data from VCCEdge. It participated in the $100-million round raised by budget stay startup <keyword id="2550719" type="UNKNOWN" weightage="80" keywordseo="OYO-Rooms">OYO Rooms</keyword>, the $90-million round of healthcare app Practo, and the $80-million round of digital payments firm <keyword id="6377963" type="UNKNOWN" weightage="100" keywordseo="Freecharge">FreeCharge</keyword> (which has since been acquired by <a href="http://www.businessinsider.in/Sounds-cool-Smart-Cities-to-also-become-the-safest-in-the-entire-country/articleshow/48867219.cms">Snapdeal</a>). "Sequoia has been able to balance its investments in newage businesses and older businesses in areas like life sciences (and) consumer quite well. Also, they have been one of the most prolific investors in terms of ability to get an exit," said <keyword id="225165" type="PERSON" weightage="80" keywordseo="Sanjeev-Krishan">Sanjeev Krishan</keyword>, transaction services and private equity leader at PwC India. 
 Since last year, the VC firm has closed more than half-a-dozen investments in the life sciences space, including in Koye Pharmaceuticals, Curatio Healthcare, La Renon, MedGenome Labs, Akumentis Healthcare and Innovcare Lifesciences. Sequoia has also been actively investing in <keyword id="53564" type="UNKNOWN" weightage="60" keywordseo="Southeast-Asia">Southeast Asia</keyword> from its India fund, where it has closed nearly a dozen funding deals, including in Tokopedia, mobile marketplace Carousell and analytics platform Appier. 
 
(Image: Indiatimes)

Know how Sequoia is going to become the largest India-focussed Venture Capital fund

<ul><li><keyword id="30126" type="PERSON" weightage="20" keywordseo="Amit-Jain">Amit Jain</keyword> has joined the VC firm as a Managing Director.</li><li>Jain will be based out of Singapore. </li><li>He had been appointed as <keyword id="2502101" type="PERSON" weightage="20" keywordseo="Uber-India">Uber India</keyword> head in 2015. In 2018 he went on to head the APAC business.</li></ul>Sequoia Capital India has brought former Uber India head on Amit Jain on board, as its managing director. Jain will be based out of Singapore. “His addition to the team underscores our deep commitment to helping founders realise their dreams of building very large and enduring companies, many of whom will become key pillars of this region’s growth, prosperity and innovation,” said the company in a statement. Jain had quit as Uber’s Asia Pacific head in April. Jain was appointed as Uber India head in 2015, and went on to head its APAC business in 2018. Before Uber, Jain was the President at Rent.com, a housing classifieds site in Los Angeles. He had also worked at TPG Capital and McKinsey. <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword> has been on a <keyword id="6357342" type="UNKNOWN" weightage="20" keywordseo="Hiring">hiring</keyword> spree in 2019, adding many star candidates to its list. In April 2019, Sequoia hired former Google India head Rajan Anandan. Anandan, the VP for Google South East Asia and India, resigned from the Internet giant to join the VC firm Sequoia Capital’s India and SEA wing. Anandan is also leading Sequoia’s accelerator programme, Surge.

Sequoia India hires former Uber Asia Pacific head Amit Jain

D2C home and sleep solutions platform Wakefit.co on Thursday launched a 'No Questions Asked' wellness leave policy for its employees. The policy extends a no-questions-asked leave to all employees once a month. These wellness leaves can be availed by the workforce to support their physical, mental, or emotional well-being by taking time off to unwind and rejuvenate themselves, the platform said in a statement. The employees can also utilise their wellness leaves to opt for leisurely activities. "With this policy, we hope to encourage our employees to unwind, focus on their health, and spend time with their loved ones by taking their wellness leave with no questions asked," said <keyword id="2800926" type="General" weightage="80" keywordseo="umanath-nayak" source="Orion">Umanath Nayak</keyword>, Head of HR, Wakefit.co. With the onset of the Covid-19 pandemic, the company overhauled its existing policies to mould them into the digital-first world. It unveiled its landmark 'Right to Nap' policy in May 2022 to enable employees to take a power nap between 2 and 2.30 p.m. Additionally, Wakefit.co also launched the flexi work policy for new parents. "These initiatives are impactful steps towards enabling a healthy work-life balance among its workforce," it said. Founded by Ankit Garg and <keyword id="1639108" type="General" weightage="80" keywordseo="chaitanya-ramalingegowda" source="Orion">Chaitanya Ramalingegowda</keyword> in March 2016, the company received Series A funding from marquee investor <keyword id="136147" type="General" weightage="80" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword>, Series B funding from <keyword id="2248588" type="General" weightage="80" keywordseo="verlinvest" source="Orion">Verlinvest</keyword> and Sequoia Capital India, and recently received Series C funding from US-based <keyword id="857014" type="General" weightage="50" keywordseo="sig" source="Orion">SIG</keyword>, while existing investors, Verlinvest and Sequoia Capital India also participated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cognizant-closes-q3-with-4-9-bn-revenue-to-acquire-onesource-ld/articleshow/95275456.cms">Cognizant closes Q3 with $4.9 bn revenue, to acquire OneSource (Ld)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-services-sector-recovers-some-growth-momentum-it-lost-in-september/articleshow/95273704.cms">India's services sector recovers some growth momentum it lost in September</a>

Wakefit.co announces 'No Questions Asked' wellness leave policy for staff

<keyword id="8901041" type="UNKNOWN" weightage="20" keywordseo="FamPay">FamPay</keyword>, a <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> startup focussed on teenagers, on Wednesday said it has raised USD 38 million (about ₹278.4 crore) in funding, led by Elevation Capital and existing investor <keyword id="136147" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital-India">Sequoia Capital India</keyword>. Other early investors, Venture Highway, Y Combinator, Global Founders Capital and new Global Investors like General Catalyst, Rocketship VC, and <keyword id="2779666" type="PERSON" weightage="20" keywordseo="Greenoaks-Capital">Greenoaks Capital</keyword> also participated in the Series A round, a statement said. FamPay will use the latest round of funding to build a leadership team to further fuel growth, it added. FamPay makes it convenient for teenagers to make online and offline payments through FamPay app as well as FamCard. In addition to payment products, FamPay also offers gamified savings experiences. "FamPay is creating a market segment that a lot of brands don't focus on today. It's their (teenage users) first step at being responsible with money, their first step into adulthood. We plan to stay with them from this first step throughout their financial journey by evolving the product as they grow," Kush Taneja, co-founder of FamPay, said. The company has crossed 2 million registered users within 8 months of its launch and has been averaging 100 per cent month-on-month growth. In March 2020, the company announced raising USD 4.7 million in seed funding from Y Combinator, Venture Highway, Sequoia Capital <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, and Global Founders Capital, as well as angel investors, Twitch co-founder Kevin Lin, Robinhood co-founder Vladimir Tenev, CRED founder <keyword id="192201" type="PERSON" weightage="20" keywordseo="Kunal-Shah">Kunal Shah</keyword> and <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> CEO Amrish Rau. Launched in 2020 by Kush Taneja and Sambhav Jain, FamPay is a marketing and distribution partner of IDFC FIRST Bank Prepaid Card. "With around 40 per cent of the Indian population being below 18, every year millions of new teenagers will start using their first smartphone and FamPay envisions becoming their go-to brand," Sambhav Jain, co-founder of FamPay, said. "We are privileged and delighted to partner with Sambhav, Kush and the entire FamPay team as they march ahead in their mission to reimagine banking for teenagers. We have been extremely impressed by FamPay's product innovations, growth trajectory and customer love - all early signs that FamPay is destined to become the destination app for GenZ and gateway for their access to fintech and beyond," said Mridul Arora, Partner, Elevation Capital. India today has a sizable population of adolescents and we believe that catering to this unserved audience with innovative products contextualised to their needs and behaviours will create a very valuable business, Arora added. "It was apparent to us they (FamPay) understood their users and had very nuanced views on how to serve them best. The team is excited to double down in this round and is looking forward to working with them to help build FamPay over the next many years," Shailendra Singh, Managing Director of Sequoia Capital (India) Singapore, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/twitter-may-now-be-directly-responsible-for-every-single-tweet-in-india/articleshow/83565645.cms">Twitter may now be directly responsible for every single tweet in India</a> <a href="https://www.businessinsider.in/policy/news/china-will-not-buy-iron-copper-aluminum-zinc-and-some-other-commodities-from-foreign-countries/articleshow/83565216.cms">China has decided to take global commodity bulls by their horns ⁠— to protect the profit margins of its small businesses</a>

Teenager-focused payments startup FamPay raises $38 million led by Elevation Capital and Sequoia Capital

<ul><li><keyword id="249393" type="PERSON" weightage="20" keywordseo="Rajan-Anandan">Rajan Anandan</keyword>, VP for Google South East Asia and India, has called it quits at the company. </li><li>While he will stay on at Google until the end of April, he will then be joining <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword>, a top VC firm. </li><li>Vikas Agnihotri, Country Director, Sales will be replacing him as the interim MD at <keyword id="45395" type="CITY" weightage="20" keywordseo="Google-India">Google India</keyword>. </li></ul>Rajan Anandan, the VP for Google South East Asia and India, has resigned from the Internet giant to join the VC firm Sequoia Capital’s India and SEA wing. Anandan joins Sequoia as managing director and will be part of its leadership team. He will also lead Sequoia’s accelerator program Surge. Surge has on offer $1.5 million of seed capital along with “company-building workshops, global immersion trips and support from a community of exceptional founders”, according to an official blog from the company. “Rajan’s deep understanding of technology, significant operating expertise and a track record of growing tech businesses across the region will help Surge founders scale and build the transformational businesses of tomorrow,” said Shailendra J Singh, managing director at Sequoia, in a post on LinkedIn. While Anandan will stay on at Google until the end of April, the company has appointed Vikas Agnihotri, Country Director, Sales as the interim MD. Anandan has often been credited for having catapulted Google’s growth in India, over his tenure of eight years in the company. However, his entry into investments is not new. Anandan has been an active angel investor and also a member of the Indian Angel Network. Seen at many <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> events in the National Capital, Anandan has invested in startups like Innov8, Lucideus, Buttercups etc. See Also: <a href="https://www.businessinsider.in/google-will-groom-these-10-indian-startups-that-use-ai-and-machine-learning/articleshow/68384856.cms">Google will groom these 10 Indian startups that use AI and machine learning</a> <a href="https://www.businessinsider.in/exclusive-rajan-anandan-vp-google-india-says-that-it-is-the-beginning-of-the-indian-start-up-boom/articleshow/58144238.cms">Exclusive: Rajan Anandan, VP, Google India says that it is the Beginning of the Start-up Boom in India</a>

Google India head Rajan Anandan quits to join VC firm Sequoia

New Delhi, Dec 30 () Start-up technology-enabled car service provider GoMechanic on Monday said it has raised Rs 105 crore in Series B funding in a round led by Chiratae Ventures and Sequoia Capital.
 Orios Venture Partners was the other investor which participated in the 3rd round of institutional funding, GoMechanic said in a statement.
 The investment will be used to support expansion into 10 more cities by the end of 2020 in its EV thrust, brand promotion and in streamlining spare parts procurement, it added.
 Commenting on the fund raised, GoMechanic Co-Founder Kushal Karwa said, "The money raised will allow us to continue our aggressive geographical expansion besides investment in innovation to keep us ahead of the curve."
 GoMechanic Co-Founder Amit Bhasin said the current fundraise will reinvigorate the company's thrust in providing scalable technology first solutions for the USD 11 billion unorganised automotive repairs and maintenance market.
 Chiratae Ventures Executive-Director Ranjith Menon said, "India is among the largest car manufacturers in the world where bulk of the cars on the road are out of warranty. We are excited to work with the GoMechanic team addressing this huge gap in a technology first manner."
 Commenting on the company's investment in GoMechanic, Sequoia Capital India LLP Vice President Abhishek Mohan said, "In the 12 months since Sequoia India led the Series A, the company has scaled many times on the back of its asset light network of workshops and most importantly built true customer love. Given the massive market potential of USD 5 billion plus, we are excited to see what comes next."
 Earlier this year, GoMechanic had raised Rs 35 crore in a series-A round led by Sequoia Capital and Orios Venture Partners. In 2017, it had raised close to Rs 7 crore from Orios Venture Partners and Kunal Bahl and Rohit Bansal.
 In 2016 the company has raised Rs 2 crore in angel funding from Dhianu Das. GoMechanic offers a platform for multi-brand car service centres. RKL SHW
SHW

GoMechanic raises Rs 105 crore in latest round of funding

<a href="https://a0.muscache.com/airbnb/press/resources/founders-airbnb-2000.jpg">Airbnb</a>Airbnb co-founders Brian Chesky (left), Nathan Blecharczyk (center), and Joe Gebbia (right) received a seed investment from Sequoia Capital.<ul class="summary-list"><li style="font-weight: 400;"><a href="https://www.sequoiacap.com/">Sequoia Capital</a> is a venture capital fund with early-stage investments in companies like Zoom, Stripe, Airbnb, and Dropbox, among others.</li><li style="font-weight: 400;">The fund <a href="https://news.crunchbase.com/news/sequoia-capital-filings-disclose-nearly-3-35b-for-new-funds-focused-on-the-u-s-and-china/">revealed</a> $3.35 billion last week for investments in US and global startups.</li><li style="font-weight: 400;">In separate episodes of "The Twenty Minute VC," Sequoia partners Pat Grady and Mike Vernal, discussed how they think through the investment process. </li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Recent filings from Sequoia Capital <a href="https://news.crunchbase.com/news/sequoia-capital-filings-disclose-nearly-3-35b-for-new-funds-focused-on-the-u-s-and-china/">revealed</a> that the firm has raised $3.35 billion for investment funds focused on US, China, and India-based startups.Founders looking to capitalize on the move can look to what two Sequoia partners have said about the firm's investment strategy. For starters, they should pay attention to the firm's guiding principles.Sequoia's mission statement has remained unchanged for decades: "We help the daring build legendary companies, from idea to IPO and beyond." That mission continues to be a unifying theme for investments."Everything we do ties back to that theme," said Pat Grady, a partner at Sequoia, <a href="http://www.thetwentyminutevc.com/patgrady2/">on the podcast "The Twenty Minute VC."</a>"Those founders are no longer just on Sand Hill Road," Grady said, speaking of a street in Silicon Valley comprised of mostly VC funds focused on the high-tech industry. "They're all across the Americas, they're in China, they're in India, they're in Southeast Asia. That's why in 2005, we went into China and India, and more recently, Southeast Asia." Here's how Sequoia thinks through the investment process. <h2>Communication is key</h2>Mike Vernal, a general partner at Sequoia, said <a href="http://www.thetwentyminutevc.com/mikevernal/">on a separate episode of "The Twenty Minute VC"</a> that the founders he partners with know exactly what they're doing - and can communicate it concisely."I think it comes down to clarity of thought, it comes down to grit, and just relentless, focused execution," Vernal said.Founders who understand where they're going can usually articulate those points in a few words, Vernal said. An exceptional pitch involves communicating in three to five minutes, with the rest of pitch time devoted to the fringes of the plan. Investment decisions at Sequoia begin when a few investors see something special in a startup, Grady said. Vernal emphasized the importance of the conviction of the sponsor, or the person proposing the investment, because they have to convince the entire team of their passion.Even though the drive to invest begins with a few VCs, by the time the team decides to invest, everyone should be on board."At Sequoia, rarely do investment decisions begin with consensus," Grady said. "They always end with consensus, because by the time we invest we want it to be a team Sequoia investment, not an individual's investment."Recently the firm has been investing early, either seed or series As - although they do invest in all funding rounds, Grady said."Our focus is very much on partnering as early as possible, and trying to build deep relationships," Grady said. This has played out well for Sequoia's seed investment success stories - which include Zoom, Stripe, Airbnb, and Dropbox. <h2>Addressing missed opportunity </h2>It takes time (eight to 10 years, according to Vernal) to really understand if a company is going to endure. While Vernal said the decision-making process at Sequoia tends to be objective and well documented, they have missed out on good investment opportunities. "In each case, I started by being instinctually really interested in the company and then as I rationalized it. I rationalized away why this might work, but it probably wasn't going to be a great company," Vernal said. "In each of those cases, I didn't trust my instincts or gut enough."Striking the right balance between initial gut instinct and logical decision making is key when deciding to back an investment, Vernal said. Grady said one of the mistakes Sequoia has made historically was being "a little bit too greedy on ownership," or control over the companies they invested in. They've countered this in recent years by being founder-driven and founder-focused. "Zoom is a recent example where we got a nice chunk of ownership in one initial investment where we and the founder both felt great about how that went," Grady said. But, according to Grady, and Sequoia's mission statement, everything the VC fund does is tied to "helping the daring build legendary companies." Grady stands by that mission as the force behind the firm."Everything that we do here is reverse engineered off of that mission," he said. <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-jay-z-and-diddy-made-millions-off-of-cheap-alcohol-zack-omalley-greenburg-2018-3">How Jay-Z and Diddy used their fame to make millions off of 'cheap grapes'</a></h3>

The VCs who funded Dropbox, Zoom, and Airbnb reveal what they look for in pitches after announcing a $3.35 billion investment in new startups

AccelLuciana Lixandru.<ul class="summary-list"><li>Sequoia Capital, one of Silicon Valley's leading venture capital firms, has <a href="https://medium.com/sequoia-capital/sequoia-welcomes-luciana-lixandru-as-our-first-partner-in-europe-ae9261c72deb">named Luciana Lixandru</a> from Accel as its first European partner.</li><li>Sequoia has long been expected to open its first office in Europe as the firm looks to the continent for promising startup investments. </li><li>Lixandru is considered to be one of the brightest stars in European venture capital, and has led investments while at Accel into unicorn startups including Deliveroo, UiPath, and Vinted. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Early Apple and Google investor Sequoia Capital has confirmed its expansion into Europe, <a href="https://medium.com/sequoia-capital/sequoia-welcomes-luciana-lixandru-as-our-first-partner-in-europe-ae9261c72deb">naming Luciana Lixandru</a> from Accel as its first European partner.The move marks Sequoia's growing activity in Europe, where it has already backed email security firm Tessian and AI chipmaker Graphcore. The news comes just days after <a href="https://www.businessinsider.com/sequoia-capital-coronavirus-memo-to-founders-2020-3">the fund warned that the novel coronavirus</a> was a "black swan event" that might severely impact startups.<a href="https://www.businessinsider.com/sequoia-capital-vc-hiring-to-increase-startup-investing-europe-2019-11?r=US&amp;IR=T">Business Insider reported last November</a> that Sequoia was stepping up its search for talent in Europe as part of its increasing interest in startups on the continent.Luciana Lixandru joined Accel in 2011, where she was focused on enterprise software and consumer internet companies.She led Accel's investments in Deliveroo, UiPath, Framer, Tessian, Miro and is also on the board of Vinted. It is likely Lixandru will have to quit her Accel board positions when she joins Sequoia.Lixandru confirmed her move on Twitter.<a href="https://medium.com/sequoia-capital/sequoia-welcomes-luciana-lixandru-as-our-first-partner-in-europe-ae9261c72deb">In a blogpost</a> announcing the hire, Sequoia said Lixandru will anchor Sequoia's European operations out of London from September, confirming long-held industry rumors that the fund was looking to establish a presence in the UK capital. US funds provide an increasing amount of capital to European startups. <a href="https://techcrunch.com/2019/12/02/in-conversation-with-atomico-partner-tom-wehmeier/">According to European venture capital firm Atomico</a>, 19% of all European funding rounds in 2019 included a US backer. <a href="https://www.businessinsider.com/sequoia-microsoft-m12-struggle-poach-european-vc-london-operations-2020-2?IR=T">It's part of a push by major US investors to take advantage of Europe's startup scene</a> which is generally seen as less competitive and more accessible than Silicon Valley.Sequoia also has a presence in Israel and Asia, with offices in India, China, Hong Kong, and Singapore.Sources indicated that other European names under consideration by Sequoia include Jan Hammer from Index Ventures, and Balderton partner Suranga Chandratillake. Business Insider previously reported that Hammer had not accepted an offer. Business Insider has approached Chandratillake for comment. <h3>NOW WATCH: <a href="https://www.businessinsider.com/salomon-recycles-shoes-ski-boots-2020-2">How running shoes can be recycled into ski boots</a></h3>

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