HSG

HSG, formerly known as Sequoia Capital China, is a global venture capital and private equity firm, managing over USD 55 billion across various funds. Established in 2005, HSG invests in technology, healthcare, and consumer sectors, with a focus on seed, venture, growth, buyout, and infrastructure stages. The firm has backed over 1,500 companies, with more than 160 listed on public exchanges and over 140 achieving unicorn status. HSG operates globally, with offices in Hong Kong, Shanghai, Beijing, Shenzhen, London, Tokyo, and Singapore, providing extensive resources and industry expertise to its portfolio companies.

Rohit Agarwal

Managing Director

Wang Chenyu

Vice President

Sakshi Chopra

Managing Director

Raghavv Garg

Analyst

Amit Jain

Managing Director

Pushpak Kedia

Vice President

Sunint Khurana

Analyst

Cherry Lu

Partner

Ishaan Mittal

Managing Director

Saksham Mittal

Analyst

Abhishek Mohan

Principal

Javier Ng

Associate

Enita Pu

Partner

Wendy Qian

Analyst

Haim Sadger

Partner

Harshjit Sethi

Managing Director

Yoav Shaked

Partner

Johan Surani

Vice President

Vedant Trivedi

Associate

Aradhita Tuli

Investment Analyst

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.

Mayhem Studios

Series A in 2023
Mayhem Studios is a mobile game development studio that focuses on creating AAA battle royal games. Its flagship product, Underworld Gang Wars (UGW), is a AAA battle royale game that integrates Indian culture and aesthetics into the gameplay. The game features iconic Indian locations, distinctive characters, and culturally relevant elements, offering players a fresh and immersive experience.

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 Technology

Series B 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.

Terminus Technology

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. is a semiconductor manufacturer specializing in chips for mobile intelligent communication terminals, navigation, and various consumer electronics. Founded in April 2015 and headquartered in Shanghai's Zhangjiang Hi-Tech Park, the company develops products including smartphones, modems, and integrated system on chips (SoCs). ASR's research and development efforts are supported by teams based in the United States and South Korea, focusing on technological innovation across mobile communications, the Internet of Things, and smart handheld devices. The company boasts comprehensive capabilities in baseband platform development, particularly following its acquisition of Marvell's Mobile Business Unit in 2017, positioning itself as a key player in China's semiconductor landscape. ASR is dedicated to providing efficient technical support and product solutions across multiple communication standards, including 2G, 3G, and 4G technologies.

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.

BlackBuck

Series D in 2018
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.

Wanmingyang Media

Series A in 2017
Wanmingyang Media organizes and video streams kickboxing events in China.

Tuniu

Post in 2015
Tuniu Corporation is an online leisure travel company based in Nanjing, China, founded in 2006. It specializes in offering a wide array of packaged tours, including organized and self-guided options, tailored for leisure travelers. The company provides comprehensive travel-related services such as ticket sales for tourist attractions, visa applications, accommodation reservations, and transportation options, including air, train, and bus tickets. Tuniu also offers car rental and insurance services, along with advertising solutions for tourism boards. The company's products and services are accessible through its website, mobile platform, and a network of offline channels, which includes call centers and retail stores across China. With over 550,000 stock keeping units covering more than 140 countries, Tuniu aims to enhance customer experience and expand its market presence by diversifying its offerings and investing in technology.

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. Originally founded as CocoaChina.com, the largest iOS developer community in China, Chukong provides tools and resources aimed at enhancing efficiency and reducing costs for mobile content creators globally. The company is known for sponsoring and maintaining Cocos2d-x, a cross-platform open-source game engine that has gained significant traction, with over 1.1 million downloads in 150 countries and a presence in seven of the top ten grossing games in China. Complementing the game engine, Chukong has developed CocoStudio, a toolset that simplifies game design and animation. The company also operates an in-house development studio, which has produced several successful games, including the Fishing Joy franchise. Furthermore, under the CocoaChina brand, Chukong collaborates with international developers to help them navigate the Chinese mobile gaming market, offering services that encompass game design feedback, monetization strategies, and localization assistance. With a portfolio that boasts over 1 billion monthly game sessions and 63 million active users, Chukong continues to explore opportunities for both Chinese and international developers.

Lvmama

Series C in 2011
Lvmama is a prominent e-tourism platform based in China, specializing in both domestic and international travel services. Founded in 2008, the company initially focused on DIY tour services but has since evolved into a comprehensive tourism website. Its offerings include hotel reservations, ticket bookings, tour planning, and visa applications, catering to a diverse range of travel needs. Lvmama features over 6,000 scenic spots and resort hotels, as well as collaborations with numerous domestic and international tourism bureaus and airlines. The platform supports various travel formats, including group tours and long-distance travel, and is accessible across all provinces in China, as well as in more than 50 countries and regions worldwide.

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. Originally founded as CocoaChina.com, the largest iOS developer community in China, Chukong provides tools and resources aimed at enhancing efficiency and reducing costs for mobile content creators globally. The company is known for sponsoring and maintaining Cocos2d-x, a cross-platform open-source game engine that has gained significant traction, with over 1.1 million downloads in 150 countries and a presence in seven of the top ten grossing games in China. Complementing the game engine, Chukong has developed CocoStudio, a toolset that simplifies game design and animation. The company also operates an in-house development studio, which has produced several successful games, including the Fishing Joy franchise. Furthermore, under the CocoaChina brand, Chukong collaborates with international developers to help them navigate the Chinese mobile gaming market, offering services that encompass game design feedback, monetization strategies, and localization assistance. With a portfolio that boasts over 1 billion monthly game sessions and 63 million active users, Chukong continues to explore opportunities for both Chinese and international developers.

Milanoo.com

Series A in 2011
Milanoo is an online retail company based in Hong Kong, specializing in a wide range of apparel and accessories for men and women. Founded in 2007, it offers a diverse selection of women's clothing, including dresses, tops, swimwear, and plus-size options, as well as men's attire such as shirts, jackets, and activewear. The company also specializes in wedding and special occasion garments, providing products like wedding dresses and prom outfits. Milanoo operates through its website and mobile app, catering to both business-to-business and business-to-consumer markets. With significant infrastructure in major Chinese cities to support its operations, the company has demonstrated impressive growth, achieving an annual sales increase exceeding 300% since its inception. Milanoo is a subsidiary of Milanoo Global UK Limited, reflecting its international business model and focus on transnational e-commerce.

Tuniu

Series C in 2011
Tuniu Corporation is an online leisure travel company based in Nanjing, China, founded in 2006. It specializes in offering a wide array of packaged tours, including organized and self-guided options, tailored for leisure travelers. The company provides comprehensive travel-related services such as ticket sales for tourist attractions, visa applications, accommodation reservations, and transportation options, including air, train, and bus tickets. Tuniu also offers car rental and insurance services, along with advertising solutions for tourism boards. The company's products and services are accessible through its website, mobile platform, and a network of offline channels, which includes call centers and retail stores across China. With over 550,000 stock keeping units covering more than 140 countries, Tuniu aims to enhance customer experience and expand its market presence by diversifying its offerings and investing in technology.

Lvmama

Series B in 2010
Lvmama is a prominent e-tourism platform based in China, specializing in both domestic and international travel services. Founded in 2008, the company initially focused on DIY tour services but has since evolved into a comprehensive tourism website. Its offerings include hotel reservations, ticket bookings, tour planning, and visa applications, catering to a diverse range of travel needs. Lvmama features over 6,000 scenic spots and resort hotels, as well as collaborations with numerous domestic and international tourism bureaus and airlines. The platform supports various travel formats, including group tours and long-distance travel, and is accessible across all provinces in China, as well as in more than 50 countries and regions worldwide.

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 that offers technological marketing solutions to enhance online advertising efforts. The company has established partnerships with major online media in China, including leading portals and search engines, as well as over 90% of premium vertical sites. HdtMEDIA operates a comprehensive digital media advertisement platform, which includes innovative products like iCast and iFocus, designed to improve the effectiveness of digital and mobile advertising. Through its services, HdtMEDIA enables clients to reach their target audiences more effectively, ultimately helping them increase their profitability.

Waps.cn

Series A in 2006
WAPS is a Chinese mobile marketing service provider founded in 2005. The company specializes in mobile internet-based advertising and integrated marketing services aimed at mobile developers and advertisers. WAPS is focused on building an extensive intelligent mobile advertisement network and offers a comprehensive mobile internet marketing platform. Its services include advertising management and monitoring, as well as a WAP advertising affiliation and application for creating WAP sites. By facilitating effective marketing solutions, WAPS plays a crucial role in the mobile advertising landscape.

CTS Media

Series A in 2006
CTS Media (Click To See Media) is a Sequoia-backed instream online video advertising network. It serves ads at the beginning, middle or end of any video programming. As of January 2008 the company has over 100 partner video publishers and remains the largest ad provider in China.

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 a pioneering provider of mobile instant messaging and presence solutions, founded by Dan Volach and Ben Volach in 1999. The company played a significant role in the mobile industry, enabling over 20 major mobile operators to offer advanced, interoperable messaging services, which catered to a user base of more than 200 million subscribers. Followap launched the first commercial mobile messenger service in 2000 in partnership with Eircell, Ireland's largest mobile network. The company held numerous patents and actively contributed to standardization efforts in several industry forums. It collaborated with prominent device manufacturers such as Samsung, Nokia, and LG, and worked with key clients including the Vodafone Group and Turkcell. Followap's innovations in mobile messaging laid the groundwork for popular services like WhatsApp and WeChat, particularly after the rise of smartphones. The company's interconnect products supported the global adoption of instant messaging across networks. Followap was headquartered in London, with additional offices in Europe, the United States, and Asia, until its acquisition by Neustar.

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 a pioneering provider of mobile instant messaging and presence solutions, founded by Dan Volach and Ben Volach in 1999. The company played a significant role in the mobile industry, enabling over 20 major mobile operators to offer advanced, interoperable messaging services, which catered to a user base of more than 200 million subscribers. Followap launched the first commercial mobile messenger service in 2000 in partnership with Eircell, Ireland's largest mobile network. The company held numerous patents and actively contributed to standardization efforts in several industry forums. It collaborated with prominent device manufacturers such as Samsung, Nokia, and LG, and worked with key clients including the Vodafone Group and Turkcell. Followap's innovations in mobile messaging laid the groundwork for popular services like WhatsApp and WeChat, particularly after the rise of smartphones. The company's interconnect products supported the global adoption of instant messaging across networks. Followap was headquartered in London, with additional offices in Europe, the United States, and Asia, until its acquisition by Neustar.

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.

BitBand

Series A in 2000
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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