Sequoia Capital’s incubation programme Surge is keeping up with its promise to invest a minimum amount in its portfolio startups, as well as with its trend to attract other VCs to invest in the same.
After DoubtNut, Azani Sports along with Skillmatics and Flynote have also received the funding from the most talked about incubator in India – Surge.
Azani Sports, a sportswear omnichannel startup that is one of the chosen eight, has received Rs 1.38 crore altogether from Surge and Sequoia’s general fund.
Same is the case with Flynote, a travel management platform. Both the startups received a major chunk of the Rs 1.38 crore investment (Rs1.37 crore) from Surge and a little money (Rs 70-90 thousand) from the larger VC arm.
For Azani Sports, the transaction was made via 6,159 Series A1 CCPS worth Rs 2,236.19 each, and Flynote sold 386 Seed CCPS at a price of Rs 35,635.26 each to procure the same amount.
Skillmatics, a startup offering product for child skill enhancement, however, followed in on DoubtNut’s footsteps to secure investments from investors other than Sequoia and Surge.
Even Sequoia and Surge invested a larger amount in the startup. Skillmatics raised a total of Rs 12.25 crore and Surge led the round with a Rs 10.58 crore investment via 5.5 lakh (approx) preference and one equity share worth Rs 191.7 each.
Sequoia poured in a minimum of Rs 7.45 lakhs via 3,889 shares (preference and 1 equity).
Other investors in Skillmatics were all angel. Sohel Shikari, co-founder and Chief Financial Officer at Tasty Bite, Ravi Nigam, MD at Tasty Bite, Patni Wealth Partners, and Apurva Bhupendra Shah, a Director in several firms each poured on Rs 39.94 lakhs via 20833 shares.
This is again reflective of the domino effect of startups getting incubated by Surge, where other investors also place their bets prior to the incubation process completion.
Going further, it would be interesting to see how the journey of these startups takes surge during the process.
