May 17, 2007: Sequoia Capital India today announced that it has sold a 4.45% stake in Firstsource Solutions (formerly ICICI OneSource) to SUN Group, a global investment and business group, for a total sum of $42 million. Post the sale, Sequoia Capital India will continue to own around a 5% stake in FirstSource.

Speaking on the deal, KP Balaraj, Managing Director, Sequoia Capital India said, “We are very positive about Firstsource Solutions, which is one of India’s top BPO companies and is currently the largest publicly traded BPO company with a current market cap of over $1 Billion. The company is led by a world class management team and Board, and we are excited to remain a shareholder and investor here. We are also very excited that Sequoia India was an early investor in India`s first large cap BPO public company .”

Uday Khemka, Vice-Chairman of SUN Group, said, “We continue to broaden our technology investment base in India and are pleased to be able to participate in FirstSource’s growth as a leading BPO.”

Firstsource (NSE: FSL.NS, BSE: FSL.BO) is among India’s top 3 pure-play BPO (business process outsourcing) service providers. Firstsource provides customized business process transformation to global leaders in the Banking & Financial Services, Telecom & Media and Healthcare sectors. It’s 76 clients include six “Fortune Global 500” banks, two “Fortune Global 500” telecommunications companies and three “Fortune 100” healthcare companies. Firstsource has a global delivery model with operations in India, US, UK & Argentina and a center under development in Philippines