Sequoia India and Sequoia Southeast Asia raised $2.85 billion through a series of funds, including the India Venture and Growth Fund and the $850 million Southeast Asia Fund, the first dedicated venture capital fund in Southeast Asia.

Media reported in February that Sequoia Capital India had written to its US parent company and investors to raise about $2.8 billion for startups in India and Southeast Asia. It is the largest venture capital (VC) firm fund in the region, more than double the size of the previous fund.

Sequoia has been one of the most aggressive venture capitalists in India. The company has backed around 30 unicorns in the country. Of the $2.85 raised by Sequoia, the VC will deploy $2 billion to Indian startups in what will be the largest ever for an Indian VC. The $2 billion corpus is nearly three times the size of the funds raised by Accel and Elevation alone. Earlier this year, both VCs closed their largest ever Indian funds.

Elevation Capital, which backs the likes of Swiggy, Meesho, Paytm and Unacademy, has provided $670 million in funding for Indian startups. Meanwhile, Accel raised $650 million in March through a fund set up specifically for Indian startups.

Sequoia said the funding marked the venture capital firm’s commitment to India and Southeast Asia at a time when the market began to cool after a “long bull market.”

Sequoia says its 16-week early-stage startup program, Surge, launched in 2019, has grown into a community of 246 founders from 112 startups in more than 15 industries. In 2021, Sequoia launched Sequoia Spark, a scholarship for female founders, and Sequoia Build for growth-stage startups.