$10m investment in Bangalore mobile apps with Trilegal, Vaish

Friday, 20 May 2011 By Legally India Private equity / VC

The Bangalore offices of Vaish Associates Advocates and Trilegal have advised on $10m private equity (PE) investment of Sequoia Capital and IDG Ventures in Bangalore-based third-party mobile applications developer Sourcebits.

Trilegal partner Kosturi Ghosh and associate Wiseroy Damodaran acted for PE firms Sequoia Capital and IDG Ventures while Vaish Associates’ Bangalore corporate head Vikas Keyal and associate Umesh Patil were the lawyers for Sourcebits.

Both the PE firms invested $5m each in Sourcebits shares.

The deal involved the entire restructuring of Sourcebits’ group situated in India, US and UK by creating a group holding, according to Vaish Associates.

The money raised would be utilised for software development and setting up of development centre in the US by the company which designs applications for iPhone, Android, BlackBerry, Palm Pre and Windows 7 mobile platforms.

Trilegal Vaish Associates

Comments

nishivan 22 May 2011, 06:20

+1 -2

I am confused so the returns of the P.E investments will only be beneficial to the U.S Sequoia and IDG Ventures and not to its Indian counterpart?

PE 23 May 2011, 06:12

+3 -0

@nisha: the Indian counterpart will get the entire management feesfor the fund.

As fas as the Carry is concerned, the bulk will go to their US counterparts, but if there is a major partner in the Indian firm, he will also get a share of the carry (which generally happens with US based Indian funds)

Follow - er... 23 May 2011, 10:43

+4 -1

Kosturi is one of the best lawyers Trilegal has across it's offices! Very good.

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