Micromax Informatics, an aggressive new entrant, sold a “less than 10 percent” stake to three U.S.-based private equity investors for a total of about two billion rupees (US$44 million), a senior company executive said. “The deal has just been cracked,” senior Micromax executive Andre Augustine told AFP.

The investors are venture capital players Sandstone Capital, Sequoia Capital and Madison Capital Management.

The New Delhi-based company already sells more than one million handsets a month in India’s fast-growing mobile market only two years after starting operations.

Micromax makes handsets through contract manufacturers in China, Taiwan and South Korea and aims to set up its own factory in northern India. It sells in Sri Lanka, Bangladesh and Nepal and hopes to expand to the Middle East, Africa and Latin America.

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