Yesterday, Peak XV Partners, previously known as Sequoia Capital, sold all of its shares in Quick Heal Technologies, a Pune-based leading cybersecurity solutions company. The exit caused the stock to drop by 1.9 per cent. Carnelian Asset Advisors bought a portion of those shares at the same price.
In the early hours, the stock was trading at Rs 272.80 on the National Stock Exchange, down 1.75 per cent from the previous day. However, it closed at Rs 294, around 5.75 per cent high from Thursday.
Quick Heal's net sales in the June quarter reached Rs 51.44 crore, a 15.78 per cent increase compared to June 2022. However, the company faced a net loss of Rs 12.76 crore, which is higher than the loss of Rs 0.18 crore in the same period last year.
The company's earnings before taxes and other expenses were negative, at Rs 10.35 crore, compared to Rs 4.25 crore in the same quarter last year.
In June, Sequoia Capital announced it would divide into three parts: the US, China, and India & Southeast Asia. The India and Southeast Asia branch of the venture capital firm is now known as Peak XV Partners and functions as an independent entity.