Reliance Venture profitably exits Sequans Communications
Wednesday, 20 April 2011, 06:32 IST
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Mumbai: Reliance Venture Asset Management, the venture capital (VC) arm of the Reliance ADA Group, Tuesday said it had profitably exited from 4G chipmaker Sequans Communications after the company's initial public offering (IPO) on New York Stock Exchange -- the first ever for a company funded by an Indian VC. Sequans Communications is a leading fabless designer, developer and supplier of 4G semiconductor solutions for wireless broadband applications, and is based out of France. It listed on the New York Stock Exchange on Monday, April 18. Reliance Venture invested in Sequans in 2007 along with Tier 1 investors like Alcatel Lucent, Motorola, Societe Generale Asset Management, SwissCom, CDC Enterprises, Add Partners, Cap-Decisif, Kennet Venture Partners, Vision Capital and I-Source Gestion. Since its inception in early 2006, the company has advised or invested in deals to the tune of over $4 billion. "This has been a yet another multi-bagger investment for Reliance Venture. "We are open to discussing financial information after observing a limited quiet period for 25 days after the IPO," said Harshal Shah, chief executive, Reliance Venture. The Indian VC fund also expects to see several more investee companies to hit the capital markets in the near future. Reliance Venture's recent investments include AllGreen Energy, Gradatim IT Ventures, Tessolve Services, Reverse Logistics Co and Suvidhaa Infoserve in India. In the US, it has made investments in companies like Stoke, E-Band Communications, Pelago Inc. and Scalable Display Technologies. It is also one of the founding investors in Yatra.com, one of India's most successful travel portals.
Source: IANS
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