Sequoia backs software company with INR600m

Pune-headquartered Quick Heal says it will use the capital to further its overseas expansion.

Sequoia Capital India has invested INR600 million (€10 million; $12.9 million) in security software product provider Quick Heal, according to a company statement.
Pune-headquartered Quick Heal develops and sells anti-virus, anti-spyware and anti-malware software from 18 locations throughout India. The company currently operates in more than 50 countries and is looking to further expand its global presence.
“We are confident that the company will continue to strengthen their dominant position in India and replicate this success in overseas markets,” said Sumir Chadha, managing director at Sequoia in the statement. Chadha will join the Quick Heal board following the deal.
Sequoia declined to comment on valuations and stake sizes.
Sequoia has built up a global reputation as an investor in new technology, having previously backed names such as Google, Cisco, Yahoo, YouTube, Oracle, and Apple Computers. 
The firm is also branching out into India’s education sector. Last month it invested INR700 million, alongside Google and Soros-backed Song Investment Advisors, in K-12 Techno services, a manager of over 50 education facilities ranging from international schools to junior colleges. It also has a stake in online tutoring service provider Tutorvista.
Currently, the firm manages funds capitalised at close to $1.8 billion and invests across venture, growth and late stage opportunities in India. Globally, the firm manages assets of about $10 billion.