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ED visit was only related to Vasan Healthcare says Sequoia Capital

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VC firm Sequoia Capital has issued a statement on Twitter saying that it is “adopting a policy of full compliance with the (Vasan Healthcare) investigation and has responded to all government inquiries it has received till yesterday. This was in response to reports that the Enforcement Directorate (ED) raided the Bangalore office of Sequoia Capital to probe about Sequoia’s investments in Vasan Healthcare.

The company’s press statement said that it came to know of a regulatory investigation into Vasan through an article in September 2015. At this time, VT Bharadwaj who served on the Vasan Healthcare board as Sequoia’s India nominee ‘demanded that Vasan conduct a thorough investigation into the allegations’, but resigned from Vasan’s board in November 2015.

Sequoia Capital India said that it has met with ED officials and answered all their questions, in and outside their offices in the course of the investigation.

Not related to Aircel-Maxis case
The company added that the ED visit was only in connection with the Vasan case, and that it had no association with either Aircel or Maxis Communications. In the Aircel-Maxis case, the CBI alleged that C Sivasankaran was pressurised to sell his 74% stake in Aircel to Maxis Communications, a communication service provider in Malaysia. A timeline of the Aircel-Maxis case here.

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Quick Heal stake dilution: In February, Sequoia Capital said that it was looking to dilute its 10% stake, which cost Rs 60 crore in 2010, to 4.6% in software security company Quick Heal.

Sequoia’s latest investments:

– Earlier today, the VC company participated in a $15 million funding in online pharmacy marketplace 1mg (formerly known as HealthKartPlus). Other investors were Maverick Capital Ventures and Omidyar Network.

– Earlier this month, it led a $7.5 million Series A funding in 90 Seconds, a cloud based video production platform, along with SKY TV NZ, Airtree Ventures, Beenext, and individual investor Oleg Tscheltzoff.

– Last month, Bangalore-based education tech startup Byju’s Learning raised $75 million from Sequoia Capital and Sofina.

– In December 2015, bus aggregator Shuttl raised $20 million in its series A round of funding from Lightspeed Ventures, Sequoia India and Times Internet Limited.

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– In the same month, multi-bank peer-to-peer payments app Chillr raised a $7 million Series A funding round from Sequoia Capital, Blume Ventures, Uniqorn Ventures and others.

Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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