Local business listing site Just dial, which is owned by Just Dial Ltd has raised Rs 327 crore ($57 million) from Sequoia Capital and SAP Ventures. The company which was planning to propose the biggest IPO has postponed its plans till 2013. The funding is said to be the largest investment by VCs in any Indian company till date.
According to the Founder & CEO VSS Mani, the raised funds will be used to expand the company and upgrade technology.
Sequoia has invested Rs 305 cr while SAP Ventures has brought in Rs 22cr in this round of funding. This is Just Dial’s fifth round of funding since its inception in 1996. The company raised $10 million from SAP Ventures and Sequoia Capital in June last year. Just Dial earned Rs 260 crore in sales in 2011-12 and a profit of more than Rs 50 crore, reports ET.
As a result of this latest funding Sequoia owns 19% stake in Just Dial while 60% share of the company is owned by Saif Partners and Tiger Global and other investors.
Just Dial had filed for IPO with SEBI last year in August, with the objective of raising Rs 360 crore from the public markets.
The Mumbai based company uses platforms like internet, phone, WAP and text messages, to provide people with local information.
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