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Company News
Bangalore, May 17
Sequoia Capital India today announced that it has sold a 4.45% stake in Firstsource Solutions (formerly ICICI OneSource) to SUN Group, a global investment and business group, for a total sum of $42 million. Post the sale, Sequoia Capital India will continue to own around a 5% stake in FirstSource.
Speaking on the deal, KP Balaraj, Managing Director, Sequoia Capital India said, “We are very positive about Firstsource Solutions, which is one of India’s top BPO companies and is currently the largest publicly traded BPO company with a current market cap of over $1 Billion. The company is led by a world class management team and Board, and we are excited to remain a shareholder and investor here. We are also very excited that Sequoia India was an early investor in India`s first large cap BPO public company.”
Uday Khemka, Vice-Chairman of SUN Group, said, “We continue to broaden our technology investment base in India and are pleased to be able to participate in FirstSource’s growth as a leading BPO.”
Shane Jacob / Jeeno P Jacob
The PRactice
Tele – 91 80 25203757
Mobile – 91 9342658353 / 91 9342658356
Email – shane@the-practice.net / jeeno@the-practice.net
Media Contact for SUN Group:
Ed Orlebar
+44 207 153 1523
orlebar@mcomgroup.com
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