Here’s something that’ll cast a golden shower over your day: Sequoia India’s Fund V has pushed US$3 million into Amogha Polymers India in a series A investment. Fund V is a US$920 million fund closed in February this year that focuses on Indian startups.
According to Termsheet.io’s Paper, the deal, led by Sequoia India managing director and BITS Pilani/IIM Ahmedabad alum VT Bharadwaj, closed on September 28. But, as a saying goes, better out than in – the email publication broke wind with the announcement today.
The deal has a US$6.2 million post-money valuation and gives Sequoia a 48.26 percent stake in the startup.
Founded by Anand NG, Amogha Polymers manufactures and sells polymer-based plumbing fittings and accessories. It is based in south Indian city Coimbatore.
Anand has tinkled with the industry before. Until earlier this year, he served as executive director of plumbing and bath components corporation Watertec (India), a joint venture between Coimbatore-based energy and utilities firm UMS Group and Malaysia’s Watertec.
Plumbing may not be the most explosive of industries, but Sequoia India’s investments in the country’s startups have a history of diversity. A mere week ago, it rained funding down upon SaaS startup Zarget. The week before that, it funded fintech company KredX, which helps small businesses land short-term working capital. Multilanguage mobile news business Dailyhunt, shopping app Carousell, and edtech startup Cuemath have also joined the Sequoia bowl this year.
This post The plumbing startup that landed $3m from Sequoia India appeared first on Tech in Asia.
from Startups – Tech in Asia http://ift.tt/2fWABrw