By techycrunchy 
Sequoia Capital is reportedly in advanced discussions to invest in Vance, a Bengaluru-based cross-border payments startup, according to multiple sources familiar with the matter. If the deal proceeds, it will mark Sequoia’s first investment in India and the broader Asia Pacific region since splitting with its former India and Southeast Asia unit last year.
Background on Sequoia’s Split
In mid-2023, Sequoia announced a significant restructuring, parting ways with its India and Southeast Asia unit, which rebranded as Peak XV Partners, and its China unit, now known as HongShan. This move was partly influenced by geopolitical tensions between the U.S. and China.
Roelof Botha, Sequoia’s global head, described the split as a “crucible moment” for the company, emphasizing its long-term implications:
“[It’s] not a decision we can undo two years later and go, ‘Oops, sorry, we should go back to being one firm.’”
Since the separation, all three firms have started expanding their reach into each other’s territories:
- HongShan is pursuing deals in Europe and North Asia to deploy its $9 billion corpus.
- Peak XV Partners has set up a U.S. team to invest in American startups, following a 2023 investment in an Australian company.
- Sequoia is now making a direct play in the Asia Pacific region with the potential Vance deal.
Why Vance?
Vance, headquartered in Bengaluru, operates in the cross-border payments space—an increasingly competitive and lucrative sector as global trade and digital transactions grow. The company’s innovative approach may align with Sequoia’s focus on startups with high-growth potential in fintech and global markets.
Significance of the Deal
This move underscores Sequoia’s commitment to expanding its footprint in India and Asia Pacific, despite no longer having a dedicated regional arm. It also highlights the firm’s strategy of remaining competitive with its former partners, now independent but equally aggressive in their global pursuits.
As Sequoia nears a deal with Vance, the venture capital landscape in Asia continues to heat up, with the former partners navigating their new identities while competing for promising investments worldwide.