Instantly after roping in Google India MD Rajan Anandan, Sequoia India is raising a separate $200 million fund for its ASEAN-focused startup accelerator programme called ‘Surge‘.
“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,” The Economic Times reported quoting a source.
Introduced in January this year, Surge is a rapid scale-up program for early-stage startups in India and South East Asia. Under Surge, Sequoia will invests $1.5 million in every start-up that is a part of Surge, before the start of the program or at very close to the start. Each Surge cohort will have 10-20 companies and there will be two Surge cohorts each year.
Sequoia, which already runs similar programme in the US called the Sequoia Scout programme, has recently launched a seed-stage fund in China. In India, Surge is Sequoia’s maiden attempt at starting a seed fund in India and will intensify the already competitive domestic market for early-stage deals.
Hosted in China, India, Silicon Valley and Singapore, Surge is a 16-week paid programme (except Cohort-1, which is Free) for startups based out of, or building for, Indian and Southeast Asian markets. Early-stage companies, building anything from consumer internet, media, enterprise software, or healthcare to financial services/fintech and direct to consumer brands.
Surge will have a separate team and will work independent of Sequoia.
The current list of Surge mentors includes some of the most accomplished founders and technology executives in this region, including Byju Raveendran, Carousell’s Siu Rui Quek, Cred’s Kunal Shah, Freshwork’s Girish Mathrubootham, GO-JEK’s Nadiem Makarim, Google’s Rajan Ananadan, Insider’s Hande Cilinger, Mad Street Den’s Ashwini Asokan, OYO’s Ritesh Agarwal, Uber’s Amit Jain, WhatsApp’s Neeraj Arora, Zilingo’s Ankiti Bose, Zomato’s Deepinder Goyal and more.