Two former managing directors (MDs) of Sequoia Capital, a venture capital fund, are set to launch a new Rs 2,000-crore investment firm, in order to back early- to growth-stage private companies, The Times of India reported.

VT Bharadwaj, who left the venture capital fund in April, and Gautam Mago, who quit a year ago, are the former MDs who are keen to invest in the emerging companies across consumer, healthcare, financial services and technology sectors, the report said citing multiple people familiar with the development.

The company is likely to be named A91 Partners and plans to start making investments by early next year. The company will look to cut cheques of $10-30 million, coming in typically at the series-B stage, the report said.