TA Associates invests Micromax
Boston-headquartered mid-market leader TA Associates has announced a $45 million investment into Indian mobile handset business Micromax Informatics Ltd.
The minority investment is the first institutional round for Micromax, founded in 2000 as a telecoms equipment distributor and active as a handset provider since April 2008. Micromax will use the capital to sustain its expansion from its current position as India’s Number Three handset company. TA Associates MD Ajit Nedungadi will join the Micromax board with the deal. Goodwin Procter and Lexygen were TA Associates’ legal advisors, with Micromax served by Grant Thornton as financial advisor and INDUS G&D Law as legal advisor. TA Associates invests in India through its Mumbai office.
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