Sequoia Capital India, a venture capital firm, has committed $10 million (EUR7.8m) in a second round financing to AppLabs Technologies. The latest fund infusion brings Sequoia’s total investment in the software testing and development firm to $17million (EUR13.3m).
The first round of funding came from Indian venture capital firm, Westbridge Capital, which merged with Sillicon Valley-based Sequoia Capital in May.
Sequoia’s latest investment will make up part of the $25 million AppLabs plans to raise to meet expenses of an acquisition. With its headquarters in Philadelphia, AppLabs maintains testing centres in Hyderabad in India and Utah.
Sandeep Singhal, managing director of Sequoia, said he is confident that given its strong growth, AppLabs would be ready for IPO “sometime in the next calendar year.”
Sequoia Capital India manages two funds totalling $350 million, and is reported by local press reports to be near the launch of a new $400 million fund. The company declined to comment on fundraising plans at this time.
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