Sequoia India & Southeast Asia, which has been criticised for lapses in governing its portfolio countries, has rebranded itself to Peak XV Partners globally and will be spinning off from its US and Chinese counterparts to operate independently.
The company told its limited partners on Tuesday morning that it was splitting into three separate entities. The storied investor started investing in India in 2005 and closed its first fund worth USD 400 million in 2006.
With its rebrand and split, Peak XV said that it will continue to back founders in India, Southeast Asia, and beyond from its current funds, which include USD 2.5 billion (Rs 20,000 crore) of uninvested capital.
So far, the VC firm has raised about USD 2.85 billion to deploy across startups in India and Southeast Asia. It is the largest dedicated corpus for the region by a risk investor. It was expected to utilise USD 2 billion across its India venture and growth investments, while the remaining will go to Southeast Asian companies, according to the company.The company said that the new structure will "open unbounded global opportunity" for the India and Southeast Asia fund.