Sequoia follows in Blume, Axilor Ventures’ footsteps; launches program to invest $1.5 million in startups

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January 24, 2019 1:37 PM

Participants that have an idea or a presentation apart from early-stage startups that have a product-market fit and raised seed funding can also apply.

India's startup, Indian startup community, StartupBlink, global startup ecosystem map, travel and hospitality, e-commerce, best destination for indian startups, best destination to raise fund for indian startups, startup communitySequoia Capital today announced a 16-week accelerator program for startups in India and Southeast Asia.

Marquee venture capital (VC) firm Sequoia Capital India has joined the unique club of Indian VCs, having in-house startup accelerators including Blume Ventures and Axilor Ventures, with the launch of its accelerator program – Surge.

Sequoia Capital today announced a 16-week accelerator program for startups in India and Southeast Asia that will also offer $1.5 million in seed funding along with the required support for growth.

“Early design choices – the first few hires, the early product features, finding the early-adopting customers – can make or break a company. This stage also coincides with the most challenging fundraises,”  Sequoia’s managing director Shailendra Singh said in a blog on LinkedIn.

Interestingly, the accelerator is also looking to invite startups that just have an idea or a plan in form of a PowerPoint presentation even as early-stage startups that have a product-market fit and raised seed funding can also apply.

Apart from capital, founders will have access to community network, company building support and cross-border experience to launch or scale-up their startups, the accelerator website stated.

The funding will be either in equity or convertible note even as the accelerator will also charge program fee in the form of equity a small percentage of equity.

The accelerator will host two cohorts annually with 10-20 in each of them.

“Founders will also participate in many other workshops, experience sharing sessions with mentors, work closely with experts from various fields like technology, marketing, recruiting, legal & finance and the Surge team itself,” Singh said.

Singh said that startups in sectors ranging from consumer internet, media, enterprise software, or healthcare to financial services/fintech and direct to consumer brands can apply.

Last year, Blume Ventures partnered with the US-based Benhamou Global Ventures (BGV) and Emergent Ventures to launch accelerator for B2B startups called Arka Venture Labs.

In 2014, Infosys co-founders Kris Gopalakrishnan and SD Shibulal launched Bengaluru-based Axilor Ventures to fund and accelerate early stage startups.

Also, in October last year, Mumbai-based seed fund Artha Ventures had reportedly announced setting up a startup accelerator in following six months.

Surge has so far on-boarded mentors including Byju’s Byju Raveendran, FreeCharge’s ex-founder Kunal Shah, Girish Mathrubootham from Freshworks, GO-JEK’s Nadiem Makarim, Google India and Southeast Asia head Rajan Ananadan, Mad Street Den’s Ashwini Asokan, OYO’s founder Ritesh Agarwal, Uber’s APAC region chief Amit Jain, WhatsApp’s former chief business officer Neeraj Arora, Deepinder Goyal from Zomato etc.

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