Sequoia Capital’s regional arm in South and Southeast Asia is weighing special audits of several investments in the region following allegations of financial irregularities at firms such as Zilingo Pte and GoMechanic.
The venture capital firm will work with Ernst & Young on some of these audits and will increase budget allocations to help investee companies put governance guardrails in place, according to people familiar with the decision who asked not to be named discussing private information. Sequoia Capital India will also be more selective when tak-ing board seats at companies and, in some cases, might replace junior members from their team on boards with more senior partners, the people said.
“As a matter of practice, Sequoia Capital India & Southeast Asia conducts due diligence ahead of new, first-time investments. We may conduct diligence ahead of a follow-on round; at this juncture, we have not put a mandate for special audits,” a Mumbai-based spokesperson for the company said in an emailed statement.
In the latest headache for Sequoia Capital India, a due diligence run by EY on its portfolio company GoMechanic for other prospective investors had unearthed bookkeeping improprieties, missteps the startup’s co-founder accept-ed in a public statement last week. The prospective investor group that hired EY pulled out of talks to fund GoMe-chanic and informed Sequoia about the lapses, Bloomberg News reported last week.
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