Sequoia MD Sandeep Singhal Joins eClerx Board
Sandeep Singhal, managing director of venture and growth capital investor Sequoia Capital India, has joined the board of data analytics firm eClerx Services Ltd. With approx 10% holding, Sequoia is the largest institutional shareholder in the firm.
Sequoia Capital has picked up 6.8% stake in eClerx from Virgin Islands-based investment firm Burwood Ventures last year. The stake was bought in an open market transaction for around Rs 43 crore. Later, in March this year, it picked up an additional 2.9% stake in the company that totals 9.7% stake.
eClerx provides data analytics and customised process solutions to global enterprise clients from its offshore delivery centers in India. It also provides services to financial clients for brokers, dealers and hedge funds including accounting, reconciliation, confirmation, risk analysis and reporting. It claims to be the first public company in the KPO space.
PD Mundhra, executive director, eClerx, said, in a statement, “Sandeep’s rich expertise across the consulting and marketing domains, and his great experience with businesses in the US-India corridor will add a new dimension to the board’s discussions.”
Singal, on the other hand, said, “The offshore KPO services industry presents a huge opportunity for Indian players and eClerx is uniquely poised to capitalise on it. We are excited to back the management team of eClerx as they continue to deliver high value solutions to leading enterprise customers across the globe.”
Sequoia Capital currently has around $1.8 billion under management. Some of its portfolio companies in India include Café Coffee Day, Comviva, Dr Lal Pathlabs, Edelweiss, Firstsource, GVK Biosciences, Idea Cellular, Just Dial, Shaadi.com and SKS Microfinance.
In a welcome move, the Ministry of Corporate Affairs on 19 July 2016 issued a notification amending the Compan