BEIJING: United States venture capital giant Sequoia Capital has announced plans to split its Chinese as well as Indian and South-East Asian businesses into two independent firms amid economic and geopolitical challenges.
According to a statement provided to China Daily, the firm – known for its early backing of Google and a group of leading Chinese Internet companies like Alibaba Group Holding, JD and ByteDance – will brand its Chinese arm as HongShan, its Chinese pronunciation of Sequoia.
The Indian and South-East Asian will be rebranded as Peak XV Partners while the United States and European unit will remain as Sequoia Capital.
“It has become increasingly complex to run a decentralised global investment business,” Sequoia said. “This has made using centralised back-office functions more of a hindrance than an advantage.”
The split will be finished by March 31, 2024, said the statement signed by Sequoia managing partner Roelof Botha, China head Neil Shen, and India and South-East Asia head Shailendra Singh. — China Daily/ANN