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Sequoia Capital is reportedly in advanced discussions to invest in Vance, a Bengaluru-based fintech startup specializing in cross-border payments for Non-Resident Indians (NRIs). This move marks Sequoia’s first investment in an Indian startup since spinning off its India and Southeast Asia operations as Peak XV Partners in mid-2023.
Investment Details
- Target Company: Vance, a Neobanking platform for NRIs
- Proposed Funding Round: $30-32 million
- Previous Funding: $5.8 million seed round led by Hummingbird Ventures (October 2022)
- Other Backers: Y Combinator, Global Founders Capital
Vance
- Services: Cross-border transactions and investments in Indian mutual funds
- User Base: Approximately 146,000 NRIs
- Transaction Volume: Over $75 million
Sequoia’s Strategic Shift
- Recently restructured operations, separating China business and forming independent entities
- Previously backed successful Indian startups like Zomato, BYJU’S, and Ola
- Peak XV Partners inherited Sequoia’s India portfolio valued at over $9.2 billion across 13 funds
This potential investment signals Sequoia Capital’s renewed commitment to the Indian startup ecosystem, leveraging its experience to support emerging fintech innovations in the rapidly evolving Indian market.
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