Sandstone Capital and Sequoia Capital have picked up a minority stake in India’s largest domestic handset maker, Micromax, for about Rs 200 crore.As per the news on ET.
The company has secured $45 million in funding from TA Associates and has setup it’s design team in Gurgaon and outsourced manufacturing to China. Micromax has recently roped in bollywood stars Akshay Kumar and Twinkle Khanna for advertising it’s range of phones.
Founded in 1991 by Rajesh Agarwal as a distributor of computer hardware for brands like Dell, HP and Sony. By 2000 they re-started as telecom equipment distributor, and in April 2008 they entered the mobile handset market.