Indian mobile handset maker Micromax has sold a minority stake to private equity firms for INR 2 billion. Sequoia Capital, Sandstone Capital are taking minority stakes in the company and Madison India Capital also participated in this investment round. The firms will join TA Associates, which completed a USD 45 million investment in Micromax in late 2009. Micromax commenced operations as a developer of embedded software and e-commerce solutions in 2002, and entered the mobile handset market in 2008.
