Sequoia nets $180m in auxiliary stake deals

Mumbai: Sequoia Capital is learnt to have finished up a $180-million optional stake offer of eight of its portfolio organizations to Madison Capital, as the wander subsidize merges its possessions and gets genuinely necessary money from its speculations locally, individuals acquainted with the matter said. Sequoia has sold its 1.5% possession in Snapdeal alongside little stakes in installments stage Pine Labs, wellbeing back up plan Star Health and India Shelter Finance Corporation, alongside completely leaving portable handset producer Micromax and legitimate process outsourcing UnitedLex, sources said.

Sequoia had initially put resources into Micromax in 2010 when the portable producer was expecting to open up to the world, while it went ahead board UnitedLex in 2011. The reserve got a 3% stake in Snapdeal in 2015, when it sold versatile wallet startup Freecharge to the web based business firm in a $400-million arrangement, in a blend of money and value. Sequoia part-sold its 3% holding in Snapdeal to Ontario Teachers Pension Plan a year ago, when the now beset e-rear was esteemed at $6.5 billion.

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