Bharti offload 10% stake of Bharti Telesoft
By agencies   |   Tuesday, 06 December 2005, 20:30 IST
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NEW DELHI: Bharti Group offloaded over 10 percent stake of its software company Bharti Telesoft to WestBridge Capital Partners, Sequoia Capital and Cisco Systems for $13.5 million. Goldman Sachs-backed WestBridge has invested $8 million, Sequoia Capital has picked up equity for $3.25 million and Cisco has invested $2.25 million. Announcing the deal, Rakesh Bharti Mittal, Vice-Chairman, Bharti Enterprises, said that Bharti Group and its management, which hold 75 percent and 25 percent equity respectively, in Bharti Telesoft, would dilute their stakes proportionately. He said, “Bharti Telesoft will use the investment to facilitate acquisitions, enhance product development and further expand globally.” The Mauritius-based WestBridge has so far made 20 investments in the country as part of its $350-million India Fund. According to the WestBridge’s Managing Director, S K Jain, “We will invest aggressively in telecom and Internet wireless services in future.” The Silicon Valley-based Sequoia Capital, which has invested first time in India, had earlier invested in Internet majors such as Google and Yahoo!. “This is the first time we are investing in an Indian company. We have been impressed with Bharti Telesoft and their innovative products. We feel we can help them in their aim to become a global player in the space of mobile value-added services worldwide,” said Douglas Leone, Partner, Sequoia Capital.

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