Micromax Informatics Raises $43M
Micromax Informatics Limited, a New Delhi, India-based mobile handset company, has received a 200 crores (approximately US $43m) investment from Sequoia Capital, Sandstone Capital LLC and Madison India Capital.
Sequoia Capital and Sandstone Capital are taking minority stakes in the company and are joining TA Associates, which completed a US$45m investment in Micromax in late 2009.
In conjunction with the transaction, Mohit Bhatnagar, Managing Director, Sequoia Capital, will join Micromax’s board of the company.
The capital infusion will enable the company to continue to introduce new products and expand beyond India.
After starting operations as a developer of embedded software and e-commerce solutions in 2002 and entering the mobile handset market in 2008, Micromax has today a presence in 23 states in India and has expanded its sales network internationally in Nepal, Sri Lanka and Bangladesh.
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