Sandstone Capital and Sequoia Capital have picked up stake in Micromax
Desi Brand, News Wednesday, September 22, 2010
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.
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.
Posted by Bizdom Pandey
on Wednesday, September 22, 2010.
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I wish for their success, No doubt they all did "Nothing like anything".
Who could think about such success in mobility sector in India as we all know Nokia,Samsung & LG are already well placed in market.
Now i am also a part of Micromax(Jaipur ASC-Balaji Telecom)and i can see how creative are the H/S.