(Reuters) – U.S. venture capital giant Sequoia Capital has finalized a key step in its landmark breakup with its Chinese and Indian affiliates a month ahead of schedule, the Information reported on Wednesday.
The company has completed the process of separating IT systems and other back-end operations from the Chinese and Indian companies, formerly known as Sequoia Capital China and Sequoia Capital India, the report added, citing two people familiar with the matter.
Sequoia Capital did not immediately respond to a Reuters request for comment.
The decision to split its Chinese and Indian/Southeast Asian businesses into two independent firms was taken in June to navigate better the economic and geopolitical challenges that have made fundraising and investment difficult, and eaten into global venture funds’ returns.
Sequoia Capital was targeting a year-end split-off. The final separation of the Sequoia brand name remains, the report added.
(Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber)
