Sequoia’s ethics need restating

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Editor's note: Venture capital investors are perceived by many to be smart and rolling in money. Hence the allure where almost anyone—rich, successful individuals or even those with a spoonful of funds but scant conviction—likes to pass themselves off as venture investors. In a bull market high on liquidity, this desire is exacerbated to a crazy degree. Take, for instance, the events of last week, when Amrish Rau, CEO of Pine Labs, and Jitendra Gupta, founder of neobank Jupiter, said they were launching a fund called White Venture Capital. While Gupta and Amrish Rau, who earlier co-founded Citrus Pay that was acquired by Naspers in 2016, will serve as limited partners and advisors in White Venture, Sweta Rau will be its sole portfolio manager. The husband-wife duo of Amrish and Sweta Rau along with Gupta have pumped $15 million of their own capital into the fund. White Venture’s LPs also include Sequoia Capital India, one of its largest sponsors. Japan's Credit Saison, TVF Capital, Hummingbird Ventures, and Cred founder Kunal Shah are among other names that have backed the fund. From Fintech …