Sequoia Capital India has invested Rs 40 crore (about $8 million) in Just Dial, a multi-platform local classified listings (local search) firm based in Mumbai. The investment has been made from the $300 million Sequoia Capital India Fund III, the firm’s third venture capital fund raised in 2007 for the India market. Other investments from this fund include Vasan Healthcare, Sai Advantium Pharma and Ujjivan Microfinance. Just Dial is the fund’s eleventh deal. It is now more of an SME (small and medium enterprise) rather than a startup and doesn’t fit the venture theme in the strictest sense. Surprised that the investment has not been made from Sequoia India’s current growth fund.
The deal was led by Sequoia India managing director Sandeep Singhal (in photo), who will now sit on the Just Dial board. The press release did not specify the stake that has been acquired by the venture capital firm, but a VC Circle post says it has taken less than 10% — see more details here. Read the full story
