Kerala's Manappuram Group Raises Rs 70 Crore From Sequoia Capital, India Equity Partners
Silicon Valley’s slick venture capital funds are doing deals with lesser known companies hailing from small towns. Manappuram General Finance and Leasing (MAGFIL), a company headquartered at Valapad village in Thrissur district of Kerala, will raise Rs 70 crore from Sequoia Capital India and India Equity Partners (IEP), reports Business Standard. Sequoia Capital and IEP will invest Rs 35 crore each in two tranches to fund the publicly-listed Manappuram’s expansion plans. The deal is expected to be signed on Friday, BS reports. MAGFIL is a non-banking finance company (NBFC) with a majority of its customers based in Thrissur and surrounding areas.
MAGFIL had informed Bombay Stock Exchange that the company would raise Rs 46.80 crore in working capital from Sequoia and Hudson Equity Holdings, an investment vehicle of IEP, a $300-million private equity fund. They would sell 46,80,000 shares in MAGFIL to Sequoia and Hudson at a minimum price of Rs 100.272 apiece (a premium of Rs 90.272). That’s Rs 46.80 crore in first tranche. The group is raising the second tranche of Rs 23.20 crore, where Sequoia and IEP will invest Rs 11.60 crore each.
About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of nVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube and Dominic Orr and Keerti Melkote of Aruba Wireless Networks. To learn more about Sequoia Capital visit www.sequoiacap.com.
Contact:
KP Balaraj
SEQUOIA CAPITAL
kp.balaraj@sequoiacap.com
