Last month Sequoia Capital announced it would split its global operations into three, with plans to complete by March 31, 2024.。After the spin-off, the three subsidiaries are Sequoia Capital (US / Europe Division), HongShan (China Division, "Sequoia China") and Peak XV Partners (India / Southeast Asia Division).。

The spin-off is still six months away, but its three subsidiaries seem to have pressed on and started their own expansion plans。According to media reports, Sequoia China has now begun planning an expansion into Singapore。

Specifically, people familiar with the matter said that Sequoia China has set up an office in Singapore and intends to use it as a base for investment in Southeast Asia.。And, over the past six months, a number of Sequoia China executives have also traveled to Singapore, seemingly more sitting on this expansion plan。

According to a director of a venture capital fund in Singapore, Sequoia China is "meeting with a large number of private capital investors to discuss deals and other investment opportunities here (in Singapore)."。

In addition, Sequoia China told attendees at the conference in Singapore that it would initially seek to support existing Chinese founders who have international operations in Singapore.。But at the same time, the company has also expressed interest in investing in start-ups.。

One person who has spoken to Sequoia China executives in Singapore said the company would take advantage of the growing demand from the Chinese founder to do business there and potentially reinvent itself as a Singapore-based company.。Because Singapore's neutrality is attractive to a lot of international capital.。

However, Sequoia China's move is a bit of a "job grab" for Peak XV Partners, a subsidiary of Sequoia Capital in India / Southeast Asia.。Because Peak XV Partners currently has an office in Singapore。

Although the two companies were not banned from competing after the split, Sequoia China's low-key expansion in Singapore will be a signal that the two former "colleagues" are now entering each other's turf as competitors.。Some investors meeting Sequoia China were asked to remain silent for the time being because "there are sensitive issues involving Peak XV Partners," the person said.。"

For the reasons behind Sequoia Capital's sudden announcement of the split last month, the company said that sharing the Sequoia Capital brand was causing "growing market chaos" and "portfolio conflicts."。The split means that ministries will no longer use the same brand for promotion and back-office services, and will no longer share profits。

It is foreseeable that, in this context, the previous situation of each guarding their own "one acre and three quarters of land" for business may cease to exist.。In order to make a profit, competing with each other for the market may be repeated.。

The head of Peak XV Partners, Shailendra Singh, had said in an interview that since no non-compete agreement was signed, the companies could compete with each other (after the spin-off).。

Sequoia China plans to host a three-day conference in Shanghai this November, which is expected to attract global investors to support its existing funds.。For Peak XV Partners, its head, Singh, and other investors in the company have been meeting with U.S. partners and the Silicon Valley Venture Foundation over the past few weeks, and Peak XV Partners is planning to open its first office in the United States.。

Regarding the move into Singapore, Sequoia China said the company has a "strong foundation of trust" with Peak XV Partners and both teams will have the opportunity to work together.。"Sequoia China's focus remains on working with and supporting Chinese founders as they go global," the company said.。Peak XV Partners said: "The opportunities for cooperation (with Sequoia China) are far greater than the space for competition."。"

Public information shows that Sequoia Capital entered China in 2005 and is currently managed by renowned investor Shen Nanpeng.。Shen Nanpeng once led Sequoia Capital to participate in early investment in major Chinese Internet factories such as Alibaba and Byte Jumping Pinduo.。According to Zero2IPO statistics, Red Shirt China has a wide range of investments, involving technology, health care, corporate services, consumer life, finance, e-commerce and manufacturing, but the focus is still on information technology, currently managing about $56 billion in assets.。

In India / Southeast Asia, Sequoia Capital has invested in about 400 startups over the past 17 years.。Now Peak XV Partners' portfolio includes 50 companies with a $1 billion valuation。

However, at a time when Sequoia China is interested in Southeast Asia, Peak XV Partners has a number of companies in its portfolio that are "in dire straits."。

Peak XV Partners previously invested in Singapore e-commerce startup Zilingo。Zilingo, once seen as one of Singapore's most promising start-ups, was valued at nearly $1 billion in a 2019 funding round.。But Zilingo went into liquidation earlier this year after being complained of financial irregularities, coupled with a decline in business.。Zilingo used to operate in at least eight countries with hundreds of employees, but after the outbreak affected revenue, the company opened massive layoffs, and now Zilingo has fewer than 100 employees in India, Indonesia, Sri Lanka and Bangladesh.。

Zilingo co-founder and CEO Ankiti Bose was fired in May。The head of Peak XV Partners, Shailendra Singh, was a longtime supporter of Bos, but as the company entered liquidation, this "Bole and Maxima" talk fell apart.。

Byju's, another unicorn invested in by Peak XV Partners, has not had a good year either.。Educational technology provider Byju's was once India's most valuable start-up。Founded in 2011, the company launched a learning app in 2015.。By 2018, the education technology company had 15 million subscribers, and last year the company was valued at around $22 billion.。But the company's valuation has shrunk to about $5 billion in recent months after a series of operational and financial setbacks.。

Last month, the company's auditors resigned over a lack of information provided to its accounts, followed by a series of board departures at the company, including representatives of Peak XV Partners.。