Sequoia Capital, a leading venture capital firm, invested Rs 40 crore in Just Dial, a local telephone and web search company. Sequoia Capital Managing Director Sandeep Singhal will join the board of Just Dial.
With Sequoia joining Just Dial, the total investor holding in the company goes up to 50 per cent. Other investors include SAIF Partners, an Asia-focused private equity firm, and Tiger Global Management.
The company has raised a total of Rs 175 crore since 2006. Just Dial claims that it has market share of over 90 per cent, reaching out to 400 million mobile customers across 240 cities and 40 million Internet users. Just Dial had a revenue of Rs 91 crore last year, and is expecting to touch Rs 130 crore this year.
“Most of the capital that we have raised will be used for going global. We are planning to get into the North America and Canada market soon. In the US, some players charge $1 from the user. We, on the other hand, would be toll free,” according to VSS Mani, founder and managing director, Just Dial.
Sequoia Capital manages fund capitalised at close to $1.8 billion and invests across venture from growth and late stage. The venture firm had raised $725 million growth fund in 2008.
