Sequoia Capital India selected 23 startups at an early stage for its fifth cohort for Surge, its accelerator program in India and Southeast Asia. This comes at a time of high dealflow activity in the region.According to the famed investment firm, Surges, the largest cohort of new Surges, has collectively raised $55 millions. This group also includes 10 female founders, a record for the accelerator program that began its journey in March 2019. It has supported 91 startups so far.Sequoia Capital India, which has historically supported early-stage startups, has now been able to use the Surge program to help it identify promising startups before they reach too young. Investors in the industry stated that this has allowed Sequoia Capital India, which had previously focused more on cutting checks for Series A and beyond rounds, to be more aggressive in identifying these startups and increase its chances of bringing in more winners.These odds have improved in recent months. Both Falcon Edge and Tiger Global have selected several Surge startups as they begin to pursue early-stage deals for India.Sequoia India reported that nearly half of the startups it had in its first three cohorts were able to raise Series A financing.Sequoia India raised $195 million more for the Surge program earlier in the year. The investment firm now employs over 30 people to provide advisory services in the region.Some investors claimed that Sequoia India offers more aggressive terms and a plethora resources to Surge startups (App Annie subscription for instance), and that Y Combinator's importance in India has been diminished by the accelerator program. (Rajan Anandan who heads Surge told me earlier this summer that he does not see Y Combinator or Surge as competitors.Surge stated that 13 startups are now part of the new cohort. TechCrunch picked up several names early this month. They offer services in finance, payments, communications and SaaS.We are extremely proud of the 23 companies that joined Surge 05, and the founders who built their businesses in areas with strong tailwinds. These leaders have shown grit, extraordinary talent and a relentless purpose in shaping our world," said Anandan. Anandan was previously the MD of Google's India and Southeast Asia businesses at Sequoia Capital India.He said that we are thrilled to be part the global regrowth journey of our founders, and their companies. Many of these businesses we believe will grow into long-lasting, large businesses.These startups are part of the new cohort, as well as one operating in stealth mode.
