Tiger Global continues run of Just Dial share sales
Tiger Global continues to exit India-listed online business directory Just Dial, selling a 5.37% stake - half of its remaining 9.18% holding - for INR4.08 billion ($64 million) via an open market transaction.
The sale, which is estimated to have generated a 18x return, comes days after Tiger Global sold a 2.1% stake for INR1.62 billion. Prior to that it sold 3.4% for INR3 billion in March. Nearly half of the this latest sell down was acquired by two funds managed by Fidelity for INR1.6 billion. Tiger Global now holds a 3.81% interest in the company.
The part-exit comes as JustDial is expanding its business into the e-commerce space by launching its own product marketplace. Tiger Global is one of the biggest investors in Indian e-commerce giant Flipkart, which has raised $1.9 billion to date.
JustDial was set up in 1994 as a local search firm offering both B2C and B2B listings of small and medium businesses across the country. Tiger Global was one of several early-stage investors in the company prior to it going public in 2013. Others included Sequoia Capital, SAIF Partners, ECGS and SAP Ventures.
Just Dial's IPO was subscribed 11.6 times and saw the company raise INR2 billion after selling 3.9 million shares at INR530 apiece. Shares in Just Dial opened at INR1,150 on May 20, down nearly 25% from the previous peak in January of INR1,551.
More on Exits
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.