Surge, Sequoia Capital India's startup accelerator programme, has announced its fifth and largest cohort of 23 early-stage startups, with a total investment of $55 million with co-investors.
The majority of the 23 firms are involved in fintech, payments, communications, logistics, and Software as a Service (SaaS).
According to Sequoia Capital India, these companies are also developing products and services to help other businesses, including small and medium-sized enterprises (SMEs), work smarter, better, and more seamlessly across borders.
Surge's fifth cohort, which includes ten female founders, is the startup accelerator's largest cohort to date.
Surge startups have raised a total of $172 million in Surge funding from the first four cohorts.
“We are incredibly proud of all 23 companies who have joined Surge 05 and the founders who have forged their businesses in sectors that have seen tremendous tailwinds. These leaders have displayed grit, exceptional talent, and relentless purpose in shaping the world. At this inflection point of global regrowth, we are excited to be part of the journey of our founders and their companies," said Rajan Anandan, managing director, Surge and Sequoia Capital India.
Aside from the larger themes of fintech and SaaS, nearly five of the Surge fifth batch companies work in the lifestyle sector, developing solutions for advanced farming, gaming, and consumer wellness.
Surge invests between $1 million and $2 million in these companies as seed capital, as well as providing them with scaling tools.
Earlier this year, Sequoia India announced the close of Surge, its second seed fund, at $195 million to support the next generation of early-stage startups in Indian and global markets.
Surge members gain access to the capital, community, company-building support, and cross-border experience they need to launch or scale their business.
Surge is open to companies based in or developing for the India and Southeast Asian markets twice a year. Each Surge wave lasts sixteen weeks and consists of 10 to 20 companies.
