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Sequoia Capital today that it 鈥渞ecently closed鈥� $695 million in its sixth India and Southeast Asia-focused venture fund.

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The statement suggested that the 鈥渘ewest fund underscores Sequoia’s commitment to India and SEA, where we have made over 200 investments so far.鈥� Although China overshadows VC activity in Asia, India is still the second-biggest market, and Southeast Asia鈥檚 startup scene is flourishing.

and its regional offshoot have been active investors in India and Southeast Asia. One of Sequoia Capital India’s most recent investments was in Singapore-based B2B and B2C online fashion marketplace . Most recently, it participated in the in April 2018.

Sequoia Capital was also an early investor in India鈥檚 restaurant review and food delivery service . Most recently, it participated in the company鈥檚 in April 2017. After a February 2018 deal that from China’s , Zomato was valued at more than $1 billion, post-money.

Big Plans, Less Money

All this being said, it seems like this smaller sixth fund is a bit of a detour from prior plans.

With $695 million under management, Fund VI is certainly large, but it鈥檚 not the biggest pool of venture capital Sequoia managed to raise for its India-based investments. indicate that Sequoia Capital India raised north $920 million for its fifth fund.

Its sixth fund for India, however, did not reach Sequoia鈥檚 . In March, the Times Of India that Sequoia cut the fundraising target 鈥渂y almost 25% as risk investors take a cautious view of the burgeoning early-stage technology investing ecosystem [in India].鈥�

Although it鈥檚 possible Sequoia Capital India pulled back on its ambitions to raise a billion-dollar fund due to market forces, there鈥檚 also a potential human resources element as well.

Although Sequoia Capital also announced a number of promotions, today鈥檚 post also disclosed the departure of managing director . The post said 鈥淎bhay had wanted to create a dedicated consumer fund,鈥� but noted that 鈥渄edicated sector funds […] are not part of Sequoia’s structure.鈥�

According to from VC Circle, there have been other major departures at Sequoia鈥檚 India outfit in recent years. In April 2018, managing director VT Bharadwaj stepped down after eleven years with the firm. Bharadwaj joined Gutam Mago, another Sequoia India managing director who left in June 2017, to of their own called A91 Partners.

Sequoia India is not the only investor in the region to raise a new fund this year. Just last week, raised $300 million for (which was also smaller than the announced in 2016).

There are others, too. As part of a landmark unveiling of $1.975 billion in new venture funds back in July, announced raised . Back in May, 附近上门 News broke the story that , a cross-border firm with offices in Silicon Valley and India, has already raised $313 million of a targeted $450 million for its fifth fund.

Sequoia is in the midst of raising unprecedented amounts of capital (especially for its late-stage funds) as supergiant rounds explode VC deal and dollar volume worldwide. It remains to be seen how (or how much) the firm will cash in on this trend.

Thanks, Savannah, for contributing to this article.

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