May 18, 2007

Sequoia sells stake in FirstSource

IndiaPrWire reports that Sequoia Capital has today announced that it has sold a 4.45% stake in Firstsource Solutions to SUN Group for a total sum of $42 million. Post the sale, Sequoia Capital India will continue to own around a 5% stake in FirstSource.

Speaking on the deal, KP Balaraj, Managing Director, Sequoia Capital India said, “We are very positive about Firstsource Solutions, which is one of India’s top BPO companies and is currently the largest publicly traded BPO company with a current market cap of over $1 Billion. The company is led by a world class management team and Board, and we are excited to remain a shareholder and investor here. We are also very excited that Sequoia India was an early investor in India`s first large cap BPO public company .”