Sequoia, SAP Ventures back Just Dial after IPO pulled
Sequoia Capital and SAP Ventures have invested INR3.27 billion ($57 million) in Indian listings provider Just Dial after the company’s IPO, scheduled for this month, was delayed until 2013.
The deal represents the largest investment to date by venture capital firms in an Indian company.
Sequoia and SAP's cash injection is the fifth round of funding for Mumbai-based Just Dial since it was established in 1996. Sequoia - which had already backed the company twice previously - contributed INR3.05 billion, while SAP put in INR2.2 billion.
Just Dial helps users find providers of products and services and businesses market their offerings through listings in its database. In the 2012 tax year, the company addressed over 250 million search queries from users.
In August 2011, the search engine filed a draft prospectus with the Securities and Exchange Board of India in a bid to raise INR3.6 billion ($79 million) through offering new and existing shares.
At that time, private equity firms held about 55% of the company, with SAIF Partners, Sequoia Capital and Tiger Global owning stakes of 21.58%, 12.73% and 21.84%, respectively. Bollywood star Amitabh Bachchan had a small minority stake, and the bulk of the company - 42.79% - was owned by founder and CEO V.S.S. Mani, and his family.
Just Dial now plans to file another draft prospectus in July, with a view to going public next year.
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