Sequoia Capital, which closed a $725 million growth fund for India last August, has set up a new office in Delhi. The office is its third in the country after Bangalore and Mumbai.
The Delhi office was set up last month and will headed by Mohit Bhatnagar, a partner at Sequoia Capital India, who has relocated from the firm’s Bangalore office.
“The opening of the New Delhi office reflects our continuing growth in India and also bears testimony to the strategic importance that the NCR region holds for us,” Bhatnagar said in an interview.
He added that the firm has multiple investments in many companies in and around Delhi. Some of these include Carzonrent, a car rental company; Comviva, a mobile solutions provider; Dr Lal Pathlabs, a diagnostics and pathology services company; Globallogic, a product development services company; and Genesis Colours, a parent company owning five designer labels.
Sequoia is in the process of building its team in Delhi, he said. The firm currently has 15 investment professionals spread across its three offices.
Sequoia manages assets of about $1.8 billion in India-dedicated funds. This includes the $725 Sequoia Capital India Growth Fund II, the $400 million Sequoia India Growth Fund I, a $350 million venture fund the firm is investing out of, and two venture funds totaling about $340 million that were raised by Westbridge Capital India, which merged with Sequoia to form Sequoia Capital India in 2006.
Sequoia Capital makes investments in China, India, Israel and the US and manages assets of about $10 billion globally.