Reliance Venture Asset Management, the venture capital (VC) arm of the Reliance ADA Group, Tuesday said it had profitably exited from 4G chipmaker Sequans Communications after the company's initial public offering (IPO) on New York Stock Exchange — the first ever for a company funded by an Indian VC. Sequans Communications is a leading fabless designer, developer and supplier of 4G semiconductor solutions for wireless broadband applications, and is based out of France. It listed on the New York Stock Exchange on Monday, April 18. Reliance Venture invested in Sequans in 2007 along with Tier 1 investors like Alcatel Lucent, Motorola, Societe Generale Asset Management, SwissCom, CDC Enterprises, Add Partners, Cap-Decisif, Kennet Venture Partners, Vision Capital and I-Source Gestion. Since its inception in early 2006, the company has advised or invested in deals to the tune of over $4 billion. […]