HSG, formerly known as Sequoia Capital China, is a prominent venture capital and private equity firm with a global focus on technology, healthcare, and consumer sectors. Established in 2005, HSG operates offices in key international cities including Hong Kong, Shanghai, Beijing, Shenzhen, London, Tokyo, and Singapore, managing over $55 billion in assets for leading institutional investors. The firm has supported over 1,500 companies, fostering innovation and entrepreneurship through investments in transformative technologies and high-growth business models. HSG has a track record of success, with more than 160 portfolio companies having gone public and over 140 achieving unicorn status. It has developed a comprehensive investment platform that encompasses seed, venture, growth, buyout, and infrastructure investing, as well as public equities. HSG is dedicated to empowering entrepreneurs and companies to create enduring enterprises while delivering strong returns to its limited partners. Through its extensive resources and industry expertise, HSG provides significant advantages to the companies it partners with.
2800 Sand Hill Road, Suite 101 Menlo Park, California 94025, USA
Room 3606 China Central Place Tower 3 77 Jianguo Road Chaoyang District Beijing 100025, China
6th Floor, East Wing, Block B, Divyasree Technopolis, Off HAL Airport Road, Yemalur, Kadubeesanahalli, Bengaluru, Karnataka 560037, India
Wang Chenyu
Vice President
Sakshi Chopra
Managing Director
Amit Jain
Managing Director
Cherry Lu
Partner
Ishaan Mittal
Managing Director
Enita Pu
Partner
Harshjit Sethi
Managing Director
Tejeshwi Sharma
Managing Director
Pavel Vyhnalek
Operating Partner
Fu Xin
Partner
Past deals in TMT
Marshall
Acquisition in 2025
Marshall Group is a manufacturer specializing in headphones and sound systems, created through the merger of Zound Industries and Marshall Amplification. The company aims to enhance the everyday listening experience by offering innovative audio products. Its headphones feature a felt treble filter system and custom-designed low distortion technology, which together provide a full spectrum of sound that is dynamic, bright, and tailored to the user's preferences. Marshall Group focuses on delivering high-quality audio solutions that cater to the needs of its customers.
Tungee
Series B in 2021
Tungee, established in 2016, is a provider of intelligent sales solutions for business-to-business enterprises. By utilizing big data and artificial intelligence technologies, including natural language processing and machine learning, Tungee offers a comprehensive platform that facilitates lead mining, business opportunity engagement, customer relationship management, and order analysis. This platform is designed to help enterprises efficiently identify, contact, and manage customers, thereby reducing customer acquisition costs and enhancing overall sales performance. Tungee has positioned itself as a leader in the Chinese intelligent sales sector, serving over 3,000 enterprise clients, including notable companies such as Alibaba and China Mobile. Through its innovative approach, Tungee addresses the challenges faced by businesses in sales forecasting and customer management.
terminus
Venture Round in 2021
Terminus is a software provider specializing in enterprise solutions to facilitate digital transformation across various industries. The company offers a comprehensive suite of products, including a cloud-native Platform as a Service (PaaS) platform called Erda, a high-performance application PaaS named Trantor, an intelligent business platform known as Gaia, a software design system referred to as NUSI, and a unified integration platform called Mule. These tools enable businesses to enhance their management processes, streamline supply chain operations, and optimize financial management. By providing these diverse software solutions, Terminus aims to help enterprises improve productivity and reduce operational costs.
Full Truck Alliance
Venture Round in 2020
Full Truck Alliance is a Chinese company that operates a platform connecting shippers with truckers to facilitate the transportation of goods over various distances and cargo weights. The company provides comprehensive services to both shippers and truckers through its mobile and web platforms. Its primary source of revenue comes from the use of these platforms for freight matching services, as well as additional value-added services. By streamlining the logistics process, Full Truck Alliance aims to enhance efficiency in freight transportation within the region.
Tungee
Series B in 2020
Tungee, established in 2016, is a provider of intelligent sales solutions for business-to-business enterprises. By utilizing big data and artificial intelligence technologies, including natural language processing and machine learning, Tungee offers a comprehensive platform that facilitates lead mining, business opportunity engagement, customer relationship management, and order analysis. This platform is designed to help enterprises efficiently identify, contact, and manage customers, thereby reducing customer acquisition costs and enhancing overall sales performance. Tungee has positioned itself as a leader in the Chinese intelligent sales sector, serving over 3,000 enterprise clients, including notable companies such as Alibaba and China Mobile. Through its innovative approach, Tungee addresses the challenges faced by businesses in sales forecasting and customer management.
ASR Microelectronics
Series D in 2020
ASR Microelectronics (Shanghai) Co., Ltd. specializes in the research, development, and manufacturing of semiconductors for mobile intelligent communication terminals and consumer electronics. Founded in 2015 and headquartered in Shanghai Zhangjiang Hi-Tech Park, the company produces a range of products including smartphones, modems, and integrated system-on-chip (SoC) solutions. ASR's offerings support various communication standards, including 2G, 3G, and 4G technologies, and encompass applications in the Internet of Things and navigation systems. The company has established a dedicated research and development team in both the United States and South Korea, focusing on platform development and technical support. In 2017, ASR expanded its capabilities through the acquisition of Marvell's Mobile Business Unit, enhancing its position in the market as a leading baseband provider in China. Major investors include several venture capital firms, highlighting ASR's strong financial backing and commitment to technological innovation in wireless communication chips.
Blackbuck
Series D in 2019
Blackbuck, founded in 2015, is a leading online platform in India that connects shippers with truck operators, transforming the logistics landscape through technology. The company focuses on streamlining the trucking process by facilitating load bookings, offering price discovery, route optimization, and in-transit tracking. This comprehensive approach not only enhances operational efficiency for shippers and truckers but also supports the livelihoods of many individuals within the transportation ecosystem. Blackbuck's commitment to reliability and efficiency has positioned it as the largest trucking network in India, backed by a strong team and notable investors. The company has received multiple accolades, including the 'Young Turks Startup of the Year' award and recognition as 'Company of the Year - Logistics' in 2018. Additionally, Blackbuck's innovative business model has been featured in a Harvard Business School case study.
Dujiao Show
Series A in 2018
A Media & Entertainment Company based in Beijing,China.
Full Truck Alliance
Private Equity Round in 2018
Full Truck Alliance is a Chinese company that operates a platform connecting shippers with truckers to facilitate the transportation of goods over various distances and cargo weights. The company provides comprehensive services to both shippers and truckers through its mobile and web platforms. Its primary source of revenue comes from the use of these platforms for freight matching services, as well as additional value-added services. By streamlining the logistics process, Full Truck Alliance aims to enhance efficiency in freight transportation within the region.
OneMena
Series A in 2017
OneMena is a fast-growing mobile software company that for Arabic users' rich and high quality mobile internet life. Based in Beijing, set it's branches in Egypt, Saudi Arabia and the United Arab Emirates
ONE Championship
Series C in 2017
ONE Championship is Asia's largest sports media property with a global broadcast to over 1 billion potential viewers across 128 countries. Headquartered in Singapore, the world’s most exciting martial arts organization is home to some of the greatest martial artists in the world, hosting Asia's greatest sports entertainment events in the largest stadiums of the most iconic cities across the region.
Tuniu
Post in 2015
Tuniu (Nasdaq:TOUR) is a online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu has over 550,000 stock keeping units (SKUs) of packaged tours, covering over 140 countries worldwide and all the popular tourist attractions in China. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including approximately 650 tour advisors, a 24/7 call center and 75 regional service centers. The Company's goal is to become the destination for Chinese consumer seeking leisure travel products and services. Tuniu aims to further expand its online leisure travel market share by expanding product offerings, increasing customer base, enhancing customer loyalty and strengthening supply chain management. The Company also intends to continue to pursue mobile strategies, invest in technology infrastructure, and to pursue strategic alliances and acquisitions.
Tokopedia
Series E in 2014
Tokopedia is an Indonesian technology company established in 2019, aimed at democratizing commerce through digital innovation. It operates an online marketplace that allows individuals and businesses to create and manage their online stores without charge. The platform offers a wide range of products, including fashion accessories, beauty and health items, electronics, food, and toys, serving as a comprehensive e-commerce destination for customers. Tokopedia has successfully reached over 99% of districts in Indonesia, empowering more than 10 million merchants and boasting a user base of over 100 million. The company is committed to fostering a Super Ecosystem that facilitates the discovery and initiation of various commerce activities. To support this vision, Tokopedia collaborates with strategic partners across various sectors, including logistics and financial technology, while providing extensive payment options throughout Indonesia. Its contributions have significantly impacted the Indonesian economy, accounting for more than 1% of its growth.
3C Media
Series B in 2014
3C Media is a producer and provider of TV programs in China.
Chukong Technologies
Series D in 2013
Chukong Technologies is a mobile entertainment platform company headquartered in Beijing, China, with additional operations in Tokyo, Seoul, Taipei, and Menlo Park, California. Initially founded as CocoaChina.com, the largest iOS developer community in China, Chukong provides tools and services that enhance efficiency and reduce costs for mobile content creators and developers globally. The company sponsors Cocos2d-x, a widely used cross-platform open-source game engine, which has been downloaded over 1.1 million times worldwide and is the foundation for many top-grossing games in China. To facilitate game development, Chukong developed CocoStudio, a toolset that simplifies game design and animation. The company's in-house studio has successfully created several popular games, including the Fishing Joy franchise and Pocket Climber. Chukong also partners with international developers to help them enter the Chinese mobile gaming market, offering support in areas such as game design, monetization, app store distribution, and localization. This extensive collaboration has enabled Chukong to reach over 63 million monthly active users and facilitate the success of games in various international markets.
Lvmama
Series C in 2011
Lvmama Tourism is a business-to-consumer based e-tourism website, as well as a platform for DIY tour advisory and booking in China. It entered the market as a DIY tour service, and after development for many years, Lvmama finally formed a comprehensive tourism website with DIY tour as the core characteristic, with discount tickets, free walkers, and resort hotel as its main components. It does this in combination with services such as group tours, long-distance travels, outbound tours, tourist group purchases, and more. Up until now, over 6000 scenic spots, over 6000 resort hotels, and thousands of domestic and foreign tourism bureaus, and airline companies have been listed on the site. Lvmama Tourism was founded in China in 2008. It covers each province and municipality across China, five continents, and more than 50 countries and regions.
Chukong Technologies
Series B in 2011
Chukong Technologies is a mobile entertainment platform company headquartered in Beijing, China, with additional operations in Tokyo, Seoul, Taipei, and Menlo Park, California. Initially founded as CocoaChina.com, the largest iOS developer community in China, Chukong provides tools and services that enhance efficiency and reduce costs for mobile content creators and developers globally. The company sponsors Cocos2d-x, a widely used cross-platform open-source game engine, which has been downloaded over 1.1 million times worldwide and is the foundation for many top-grossing games in China. To facilitate game development, Chukong developed CocoStudio, a toolset that simplifies game design and animation. The company's in-house studio has successfully created several popular games, including the Fishing Joy franchise and Pocket Climber. Chukong also partners with international developers to help them enter the Chinese mobile gaming market, offering support in areas such as game design, monetization, app store distribution, and localization. This extensive collaboration has enabled Chukong to reach over 63 million monthly active users and facilitate the success of games in various international markets.
Tuniu
Series C in 2011
Tuniu (Nasdaq:TOUR) is a online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu has over 550,000 stock keeping units (SKUs) of packaged tours, covering over 140 countries worldwide and all the popular tourist attractions in China. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including approximately 650 tour advisors, a 24/7 call center and 75 regional service centers. The Company's goal is to become the destination for Chinese consumer seeking leisure travel products and services. Tuniu aims to further expand its online leisure travel market share by expanding product offerings, increasing customer base, enhancing customer loyalty and strengthening supply chain management. The Company also intends to continue to pursue mobile strategies, invest in technology infrastructure, and to pursue strategic alliances and acquisitions.
Lvmama
Series B in 2010
Lvmama Tourism is a business-to-consumer based e-tourism website, as well as a platform for DIY tour advisory and booking in China. It entered the market as a DIY tour service, and after development for many years, Lvmama finally formed a comprehensive tourism website with DIY tour as the core characteristic, with discount tickets, free walkers, and resort hotel as its main components. It does this in combination with services such as group tours, long-distance travels, outbound tours, tourist group purchases, and more. Up until now, over 6000 scenic spots, over 6000 resort hotels, and thousands of domestic and foreign tourism bureaus, and airline companies have been listed on the site. Lvmama Tourism was founded in China in 2008. It covers each province and municipality across China, five continents, and more than 50 countries and regions.
19pay
Series B in 2010
19Pay, a subsidiary of Beijing Goyang Jie Xun Information Technology Co., Ltd., is a prominent player in domestic telecom integration and e-commerce payment services. Established in 2005, the company focuses on the development, trading, and marketing of digital products, with a business framework that includes communication services, vehicle owner services, refueling services, payment solutions, and software integration. 19Pay has emerged as a leader in the payment card system sector and holds a significant market share in virtual recharge services. The company’s initial offering was a recharge service system for telecom operators, which successfully spans multiple provinces in China. In 2012, 19Pay obtained a third-party payment license from The People's Bank of China, enhancing its capabilities in internet payment services. The company aims to facilitate digital convenience and improve user engagement for digital enterprises.
Provigent
Series D in 2007
Provigent Inc. is a fabless semiconductor company based in Santa Clara, California, specializing in system-on-a-chip (SoC) solutions for the fixed wireless and cellular infrastructure markets. Founded in 2000, the company develops products such as the PVG610 and PVG610X SoCs, which facilitate broadband wireless transmission and support the transmission of orthogonally polarized signals at the same frequency. Additionally, Provigent offers the PVG310, which integrates baseband functionality for point-to-point wireless systems, alongside development kits like the PVG9610 and PVG350MDK to aid in the development of wireless solutions. The company's offerings are designed for applications including cellular backhaul networks, fixed wireless transmission, and private wireless networks, aiming to simplify operations and enhance internet connectivity.
hdtMEDIA
Series B in 2006
HdtMEDIA is a Chinese digital advertisement network. It provides technological marketing solutions for customers. The company has collaborated with all of China’s major online media that includes the top five portals, search engines, and over 90% of China’s premium vertical sites. hdtMEDIA’s digital media advertisement platform is the forerunner of iCast (Rich Media Technology) and iFocus (Online Ad Network).
Waps.cn
Series A in 2006
WAPS is a Chinese mobile marketing service provider. It offers mobile internet-based advertisement and integrated marketing services for mobile developers and advertisers. WAPS is currently building the largest intelligent mobile advertisement network. It also provides a mobile internet marketing platform. WAPS was founded in 2005.
19pay
Venture Round in 2006
19Pay, a subsidiary of Beijing Goyang Jie Xun Information Technology Co., Ltd., is a prominent player in domestic telecom integration and e-commerce payment services. Established in 2005, the company focuses on the development, trading, and marketing of digital products, with a business framework that includes communication services, vehicle owner services, refueling services, payment solutions, and software integration. 19Pay has emerged as a leader in the payment card system sector and holds a significant market share in virtual recharge services. The company’s initial offering was a recharge service system for telecom operators, which successfully spans multiple provinces in China. In 2012, 19Pay obtained a third-party payment license from The People's Bank of China, enhancing its capabilities in internet payment services. The company aims to facilitate digital convenience and improve user engagement for digital enterprises.
Followap
Series C in 2005
Followap was the leading provider and pioneer of mobile Messenger - Instant Messaging and Presence solutions to the mobile industry. It was founded and managed by Dan Volach and Ben Volach when mobile Internet was just born. By the time it was acquired, it had over 20 mobile operators many of them tier-ones, serving a combined user base of over 200 million subscribers. Followap’s products enabled operators to establish advanced, interoperable mobile Messenger and presence-enhanced services, which were key for next-generation networks. Followap held numerous patents and was actively contributing to industry standardization efforts in forums including OMA, XMPP, IETF, 3GPP and the GSM Association. Followap cooperated with device manufacturers including Samsung, Nokia and LG. Followap has launched the first commercial mobile Messenger service in the year 2000 in partnership with Eircell, Ireland's largest mobile network. Other key customers of Followap included the Vodafone Group, Hutchison 3G Group, BT Group, Turkcell, Telecom Italia, Wind and Vimpelcom. The mobile Messenger which Followap pioneered evolved into extremely popular services following the introduction of the iPhone and App stores for wide-market distribution. These include Whatsapp, Line, QQ, WeChat and KakaoTalk. Its interconnect products included Interconnectivity, an important GSMA initiative for mobile operators, for the global adoption of instant messaging, across networks, and mobile phones. The company was founded in 1999 and was headquartered in London, the United Kingdom with offices in Europe, the United States and Asia.
Provigent
Series C in 2005
Provigent Inc. is a fabless semiconductor company based in Santa Clara, California, specializing in system-on-a-chip (SoC) solutions for the fixed wireless and cellular infrastructure markets. Founded in 2000, the company develops products such as the PVG610 and PVG610X SoCs, which facilitate broadband wireless transmission and support the transmission of orthogonally polarized signals at the same frequency. Additionally, Provigent offers the PVG310, which integrates baseband functionality for point-to-point wireless systems, alongside development kits like the PVG9610 and PVG350MDK to aid in the development of wireless solutions. The company's offerings are designed for applications including cellular backhaul networks, fixed wireless transmission, and private wireless networks, aiming to simplify operations and enhance internet connectivity.
Followap
Series C in 2005
Followap was the leading provider and pioneer of mobile Messenger - Instant Messaging and Presence solutions to the mobile industry. It was founded and managed by Dan Volach and Ben Volach when mobile Internet was just born. By the time it was acquired, it had over 20 mobile operators many of them tier-ones, serving a combined user base of over 200 million subscribers. Followap’s products enabled operators to establish advanced, interoperable mobile Messenger and presence-enhanced services, which were key for next-generation networks. Followap held numerous patents and was actively contributing to industry standardization efforts in forums including OMA, XMPP, IETF, 3GPP and the GSM Association. Followap cooperated with device manufacturers including Samsung, Nokia and LG. Followap has launched the first commercial mobile Messenger service in the year 2000 in partnership with Eircell, Ireland's largest mobile network. Other key customers of Followap included the Vodafone Group, Hutchison 3G Group, BT Group, Turkcell, Telecom Italia, Wind and Vimpelcom. The mobile Messenger which Followap pioneered evolved into extremely popular services following the introduction of the iPhone and App stores for wide-market distribution. These include Whatsapp, Line, QQ, WeChat and KakaoTalk. Its interconnect products included Interconnectivity, an important GSMA initiative for mobile operators, for the global adoption of instant messaging, across networks, and mobile phones. The company was founded in 1999 and was headquartered in London, the United Kingdom with offices in Europe, the United States and Asia.
Provigent
Series C in 2004
Provigent Inc. is a fabless semiconductor company based in Santa Clara, California, specializing in system-on-a-chip (SoC) solutions for the fixed wireless and cellular infrastructure markets. Founded in 2000, the company develops products such as the PVG610 and PVG610X SoCs, which facilitate broadband wireless transmission and support the transmission of orthogonally polarized signals at the same frequency. Additionally, Provigent offers the PVG310, which integrates baseband functionality for point-to-point wireless systems, alongside development kits like the PVG9610 and PVG350MDK to aid in the development of wireless solutions. The company's offerings are designed for applications including cellular backhaul networks, fixed wireless transmission, and private wireless networks, aiming to simplify operations and enhance internet connectivity.
BitBand
Series B in 2003
BitBand is a technology provider specializing in advanced video content delivery solutions. The company, privately held and incorporated in the United States, operates its headquarters and research and development center in Israel. It offers video-on-demand technology services, enabling efficient delivery of video content to users.
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