Venture capital firm Sequoia is close to securing its first investment in India and the Asia-Pacific region following its separation from its former regional units.

The firm is in advanced talks to invest in Bengaluru-based startup Vance, focusing on cross-border payments. The funding is estimated to be between US$30 million and US$32 million.

This deal would be Sequoia’s first in the region since its 2023 division from Sequoia India and Southeast Asia, now known as Peak XV Partners.

This potential investment follows Sequoia’s earlier split from its China entity, which is now identified as HongShan due to rising geopolitical tensions between the United States and China.

There is a noticeable overlap as all three firms expand into new regions. Peak XV Partners has established a team in the US, and HongShan is pursuing opportunities in Europe and North Asia.

Vance, which provides financial services to Indians abroad, is backed by investors like Y Combinator and Hummingbird.

The startup facilitates international money transfers and offers investment in Indian stocks and mutual funds. Vance reportedly processes close to US$1 billion in annual payments.

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