Sequoia Capital India Invests About $8 Million In Just Dial
JustDial is a local search engine company based in India. Sequoia Capital India has invested 40 crore (around $8 million) into the search engine company recently. This round of funding gives Sequoia about 10% equity in the company.
As a result of the investment, Sequoia Capital India Managing Director Sandeep Singhal will be joining Just Dial’s board of directors. The last time I wrote about Singhal was when there was potential conflict of interest in Minglebox’s round of funding by Sequoia.
Sequoia has about $1.8 billion in capital for investments in India. The investment in Just Dial is from a $300 million venture capital fund.
To get off the ground, Just Dial previously raised funding from private equity fund SAIF Partners and Tiger Global Management. SAIF invested $10.4 million rupees in Just Dial in 2006. Tiger invested about $16 million in Just Dial in 2007. SAIF and Tiger own over 20% stake in Just Dial.
Just Dial plans on launching a classifieds section sometme in the next year.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry