Sequoia Capital India sells partial stake in FirstSource

Bangalore May 17 (UNI) Sequoia Capital India today announced that it has sold a 4.45 per cent stake in Firstsource Solutions (formerly ICICI OneSource) to SUN Group, a global investment and business group, for a total sum of US dollar42 million.

Post the sale, Sequoia Capital India would continue to own around a five per cent stake in the company, according to a Sequoia release here.

Speaking on the deal, K P Balaraj, Managing Director, Sequoia Capital India said, ''We are very positive about Firstsource Solutions, which is one of India's top BPO companies and was currently the largest publicly traded BPO company with a current market cap of over us dollar one Billion''. Sequoia India was an early investor in Indias first large cap BPO public company.

Uday Khemka, Vice-Chairman of SUN Group, said, ''We continue to broaden our technology investment base in India and are pleased to be able to participate in FirstSource's growth as a leading BPO''.

UNI