Sequoia Capital pumps Rs 40 cr in Just DialTeam YS
This deal certainly is a clear indication of a possible revival in the fund raising exercise with the Indian corporates. In a fresh deal announced today, Sequoia Capital India has pumped in Rs 40 cr in Just Dial, one of India’s local search engine. Revolutionising the concept of local phone and web search, Just Dial provides people with an efficient interface for accessing information across India. Coming aboard of Sequoia Capital will bring in the global experience and local expertise thereby adding value and fuelling Just Dial’s aggressive growth plans in the country. Sandeep Singhal, managing director, Sequoia Capital India, will take a board seat with this investment in the company.
Claiming leadership in the local search space Just Dial has over 90% market share and reaches out to over 400 million mobile customers across 240 cities and 40 million internet users. The company is believed to have introduced many innovations to benefit customers, the most recent being a single number that is available across 240 cities.
“The success of our model in India gives us the optimism to look at expanding our footprint, not only in India but also across the globe,” said VSS Mani, founder and managing director, Just Dial.
Sequoia's current investment portfolio includes global leaders like Cisco, Google, Oracle, Electronic Arts and Yahoo! and market leaders in India including Café Coffee Day, SKS Microfinance, Naukri.com and Shaadi.com.