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

Trilegal & Vaish: 'Appy
Trilegal & Vaish: 'Appy

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.

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