Sequoia Capital and Sandstone Capital are said to be taking minority stakes in Micromax Informatics, as announced by the company. The former two companies will join TA Associates, which completed a US$45 million investment in Micromax in late 2009. With this investment, Mohit Bhatnagar, MD, Sequoia Capital, will join the board of the company.
"This is a strong vote of confidence from world-class investors and we look forward to working with them and TA as we continue to introduce new products and further extend our reach beyond India," remarked Rajesh Agarwal, MD, Micromax Informatics.
"With the added backing of a strong strategic board, I am confident that the passionate and ambitious entrepreneurs will continue to grow in this category," affirmed said Mohit Bhatnagar, MD, Sequoia Capital India.
"At Sandstone, we are always looking to invest in well-run companies in India, with innovative products and growth potential," said Paresh Patel, MD, Sandstone Capital. "Micromax fits our investment criteria on all fronts, and we are excited about completing this investment and working with the company."
