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SAIF Partners to stay invested in Just Dial after listing

  • Alvina Yuen
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SAIF Partners will stay invested in Indian search engine Just Dial after its INR3.6 billion ($66 million) public issue, which is expected to hit the market this June.

Founded in 1996, Just Dial helps consumers users find providers of products and services and helps businesses market their offerings through listings in its database. In the 2012 tax year, the company addressed over 250 million search queries from users.

Reports indicate that around 10.6 million shares will be sold by existing owners. SAIF Partners, which holds a 9.32% stake pre-issue, will have 21.58% stake in the listed company after the conversion of preference shares .

SAIF first invested INR500 million in Just Dial in 2006, while Tiger Global Management and Sequoia Capital India are among the other institutional investors in the company.

"We will stay invested in Just Dial," Ravi C Adusumalli, managing partner of SAIF Partners told The Financial Express. "The rationale behind staying invested is simple. All these companies have a long way to go in terms of growth and most of them are early in their life cycles."

SAIF's other portfolio companies include HomeShop18.com and One97. While HomeShop18.com is targeting a US listing, One97 will float domestically.

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