India’s growing tech scene now has access to a huge pile of money.
Venture-money heavyweight Seqouia Capital raised $530 million for its fourth India-focused fund. The Menlo Park, Calif.-based venture capital firm said VCs will also be looking to invest in companies located outside India in the Southeast Asia region, according to media reports.
Sequoia invests primarily in early stage startups, and it was an early backer of Google. The new fund brings the firm’s total amount raised for deals in India and the surrounding region to $2 billion, a hefty sum even by American standards.
The fund will be focus mainly on technology, health care, and consumer-oriented business for companies at from seed to growth levels.
Seqouia is one of the Valley’s oldest VC firms and was established in 1972. It has had a steady stream of hits going back to Apple and the founding of Oracle. It has also invested in Airbnb, YouTube, Instagram and WhatsApp, which Facebook recently bought for $19 billion in cash and stock.
A Sequoia press release put it this way:
“Sequoia Capital has now been investing in India for 8 years and has invested in over 75 companies. Many of these companies are category leaders. These include Capillary Technologies, Druva, Just Dial, Micromax, Mu Sigma, Pine Labs, Prataap Snacks, Quickheal, SCIO Analytics, Star Health, Stovekraft, Truecaller, UnitedLex, Vasan, Vini Cosmetics, Via and Zomato.”
Although India’s startup scene is humming, barriers remain, including easy access to capital. India, which has a population of 1.2 billion, second behind China, is already home to established IT heavy hitters Slideshare, Zoho, and e-commerce giant Flipkart.
While the U.S. and India have long had a complex and sometimes difficult relationship, the recent election of Narendra Modi may change all that, as he was ushered into office on a platform of economic reform.
This article originally appeared on VentureBeat
(A delegation of India’s BioPharma companies will be in Chicago for an event on September 16th, keep an eye on our events calendar for details)