Sequoia Capital India has doubled down on its investment in Indonesia’s robo-advisor of choice, Bibit, with a $30 million growth round. It joins the fray along with a host of other VCs, including Prosus Ventures, Tencent, and Harvard Management Company, in a round that was the most money poured into a tech start up this side of the Pacific.
The big question is what will be done with the new found wealth? Will it go to its existing portfolio of technology, consumer and healthcare startups? Or will it be used for the long term to fuel a new venture?
Those who have followed Sequoia over the years know that it has a longstanding obsession with Southeast Asia. The firm has grown its presence in the region over the past 12 years, and boasts that the region accounts for 20 to 30 percent of its total assets. Its newest fund is its fifth in that time span, and it restructured itself as a registered investment adviser to accommodate it. As of this writing, Sequoia has an impressive $85 billion under management, and its most recent ADV is due to be filed in the next few days, so we’re not sure if that figure will remain unchanged.