Sequoia Capital India has closed a seed fund of $195 million to back promising entrepreneurs across India and Southeast Asia, the venture capital firm announced Thursday.

A growing number of Indian start-ups are expected to launch large initial public offerings this year, according to Rajan Anandan, a managing director at Sequoia Capital India who looks after the Surge program.

“2020 was really a tale of two halves. The first half was very challenging,” he told CNBC’s “Street Signs Asia” Wednesday, a day before the funding announcement. He was referring to the months-long national lockdown in India due to Covid-19, which pushed the economy into a technical recession

The first three months of 2021 saw start-ups accelerating revenue growth, increased user adoption and in the early stages, an improved quality of entrepreneurs helming the companies, he added

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Source: CNBC

By Saheli Roy Choudhury