Deepti Sri · · 1 min readSequoia delays close of $2.8b India, SEA fund amid Zilingo probe
Sequoia Capital has pushed back the closing date of its US$2.8 billion India and Southeast Asia fund as the VC firm’s portfolio companies face financial irregularities and corporate governance issues, The Economic Times reported.
While Sequoia didn’t disclose which firm was being investigated, the investment major could be referring to Singapore-based Zilingo, which came under fire after the company’s fundraising plans drew questions into the firm’s accounting practices.
Sequoia’s limited partners agreed to invest in the fund in April. However, a recent development has supposedly surfaced that would require disclosure to investors.
Sequoia’s largest fund for India and Southeast Asia will reportedly close by the end of the year.
The firm’s India and Southeast Asia fund has doubled in size from over US$1.3 billion in 2020. The commitments were split between a US$525 million venture fund and an US$825 million growth fund.
Editing by Miguel Cordon and Jaclyn Tiu
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