India: Sequoia Exits from Manappuram with 5x Returns

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Apr 2010
Bangalore, India, April, 24 2010 - In early 2007, Sequoia had invested $14 million in the firm for nearly 14% stake. Sequoia has now sold its entire stake for $70 million in the open market.

In the biggest venture capital exit in India over the last one year, Sequoia Capital has exited out of Kerala based non-banking financial company Manappuram General Finance & Leasing with returns of five times.

In early 2007, Sequoia had invested $14 million in the firm for nearly 14% stake. Sequoia has now sold its entire stake for $70 million in the open market.

β€œIt’s a landmark exits. It emphasizes that VC model works well in India. Also, it shows that non-tech investments in India can do well and give good returns,” said Sumir Chadha, managing director, Sequoia, adding that the exit was a planned move, for which they had been thinking for a while.

The Manappuram exit is the first exit for Sequoia this year, whose another portfolio company SKS Microfinance Ltd has filed for an initial public offering.



Source : LiveMint.com
 

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