Matrix Cellular promoter puts majority stake sale on hold
The promoters of CX Partners-backed Matrix Cellular International Services Pvt Ltd, which provides telecommunication solutions for Indians travelling abroad, have put on hold their proposed plan to sell a majority stake in the venture, sources privy to the development told VCCircle.
CX Partners was also expected to part exit from the venture in the deal, where the sellers were looking to sell a little over half of the company for around $100 million. This could have given over 2x returns in part exit for CX Partners in its less than two-year old investment.
The sell-out plan was put...
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