Sequoia Capital Planning Its Exit From Noida Based Pine Labs
American venture capital firm Sequoia Capital is exploring the options to sell out its portfolio company Pine Labs, one of the country's largest PoS (point of sale) solutions provider.
According to the sources reported to ET, Sequoia Capital, who presently owns two-third of this Noida based startup, is targeting a valuation of about $1 billion for it to completely exit the company.
In case, such valuation demands are not met, the Menlo Park-based Powerhouse is also considering a partial stake sale in the company in which it had initially invested $1 million in 2009.
Avendus Capital has been given the mandate to raise $100 million for a minority stake.
"The formal mandate that is ongoing is for a stake sale. Currently , the company is being valued at $600-700 million by peers but ...