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Sequoia Capital India announces new $195M seed fund

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Sequoia Capital India announces new 5M seed fund

Leading venture capital firm Sequoia Capital India has closed a new $ 195 million seed fund to invest in very early-stage startups. This latest seed fund will focus on Sequoia’s Surge program, which launched in 2019 to offer $ 1 million to $ 2 million of equity in pre-Series A funding rounds, according to an announcement by Sequoia India.

A joint statement from Shailendra Singh and Rajan Anandan, both CEOs of Sequoia Capital, said: “We are pleased to announce that Sequoia Capital India recently closed its second seed fund at $ 195 million, to support the next set of founding missions driven by India and Southeast Asia. “

According to Sequoia, four cohorts have been through the Surge program in the past two years since its launch, with 69 startups spanning more than 15 industries and 164 founders from 17 different nationalities.

One-third of Surge’s startups are building SaaS products, the majority for global markets; 25 percent are creating new consumer internet businesses; 13 percent are creating consumer brands and 12 percent are in the B2B space.

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It also has startups in the segments of edtech, health tech, deep-tech, fintech, and more. “We pioneered the idea of ​​’open architecture’ to make Surge a collaborative effort with other seed funds and angel investors, and we do not charge program fees so other investors can invest on the same terms,” ​​the statement said. Surge’s four startup cohorts have raised a combined $ 172 million. It also has more than 100 co-investors.

News Source: YourStory

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election

Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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