Investment firm, TA Associates picked a minority stake in Indian handset player, Micromax reports the Economic Times. The report says that Micromax has been valued at about Rs 1,000 crore with TA Associates investing close to Rs 225 crore.

Micromax aims to utilize the funds to fuel its expansion plans in Africa and Latin America as well as for its Nepal foray.

Post deal, Naveen Wadhera, Director TA Associates will join the board of Micromax.