Private equity houses Sequoia Capital and Sandstone Capital have purchased minority stakes in Micromax Informatics, a Delhi-based mobile handset maker. The investments were worth US$43 million in total.
Sequoia and Sandstone will work alongside TA Associates to strengthen and further develop Micromax’s operations. TA Associates invested US$45 million in the company at the end of 2009.
For six years since its inception in 2002, Micromax focused on developing embedded software and e-commerce solutions. It entered the mobile handset market in 2008 and has taken its sales network beyond India to Bangladesh, Nepal and Sri Lanka.
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