Sequoia Capital alongside private equity peers Sandstone Capital and Madison India Capital have each taken minority stakes worth a total of INR 2 billion (€33.3million; $44.2 million) in Indian mobile phone maker Micromax Informatics, according to a company statement.
The sum buys the trio roughly a 10 percent stake in Micromax, which had already seen a $45 million investment from TA Associates earlier this year. The investment will also see Mohit Bhatnagar managing director at Sequoia Capital join the board of the company.
Respective stakes and valuations following the transaction were not disclosed. Sequoia, Sandstone and Madison India could not be reached for comment.
Micromax is a developer and seller of Mobile handsets. It said it would use the fresh capital to introduce new products and further extend its reach beyond India. The company is headquartered in New Delhi and has a presence in 23 states in India and has expanded its sales network internationally in Nepal, Sri Lanka and Bangladesh.
India’s technology sector has been attracting investors as of late.Earlier this year, Asian venture and growth capital firm SAIF Partners in partnership with its portfolio company One97 Communications set up a $100 million fund to invest in the country’s mobile services industry.
Just last month, Sequoia invested INR 600 million to buy an undisclosed stake in Pune-headquartered Quick Heal Technologies, a maker of computer security software.