Sequoia Capital, a venture capital firm that commits a portion of its portfolio to microfinance, recently sold its stake in Manappuram General Finance and Leasing Ltd, an India-based non-banking financial company (NBFC) that provides loans in exchange for gold, for USD 70 million. According to Livemint, an Indian business newspaper owned by the Wall Street Journal, Sequoia invested USD 14 million in Manappuram in 2007 for a nearly 14 percent stake.
“It emphasizes that VC [venture capital] model works well in India. Also, it shows that non-tech investments in India can do well and give good returns,” said Mr Sumir Chadha, Managing Director at Sequoia.
By Stefanie Rubin, Research Associate
About Sequoia Capital:
Sequoia Capital is a venture capital firm that provides start-up venture capital funding for seed stage, early stage and growth stage companies. The firm is headquartered in Menlo Park, California, USA, and has offices in China, India and Israel. Sequoia has provided funding between USD 100,000 and USD 100 million to over 700 companies.
Additional Resources:
Source Article: Livemint.com: “Sequoia exits from Manappuram with 5x returns”
MicroCapital Universe: Sequoia Capital
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