Control stake in Comviva up for grabs
Indian Conglomerate Bharti Enterprises is reportedly looking to offload its majority stake in Comviva Technologies, a mobile software and application developer that also counts Sequoia Capital as a backer.
Dow Jones, citing unnamed sources, noted that the asset could fetch $400 million, and at least two companies have already expressed interest in buying Comviva's controlling stake. Bharti Enterprises has majority hold on the company, and Sequoia Capital and Cisco Systems also hold an unspecified minority stake, bought for $13.5 million in 2005, the report added. The companies did not elaborate on whether they would also look to exit their shares or acquire a larger stake.
Comviva creates music, gaming, messaging and voice mobile applications, claiming a presence in 85 countries and more than 650 million mobile subscribers. Sequoia, which committed its capital to Comviva as a growth investment, also holds two seats on the company's board, for MDs Surendra Jain and Mohit Bhatnagar.
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