Just Dial Raises $57 Million And Refrains From Going IPO Soon

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Bangalore: Mumbai based Just Dial, which actively lists Indian businesses has pulled itself from going IPO and raised Rs 327 crores ($57 million) in one of the largest ever pre- IPO round of funding. The money has been raised from its existing investors Sequoia Capital and SAP ventures.

Sequoia Capital led the round of funding by pooling in Rs 305 crores and SAP Ventures stood next to it with Rs 22 crores. This funding would slow down what was set to be the largest public issue by an Indian company in the consumer internet business sector. This investment by Sequoia capital is also considered to be the single largest investment by the VC firm in India.

Just Dial had proposed to go IPO with a mix of primary and secondary components. Their private investors include Tiger Global Management, SAIF Partners and Sequoia Capital, with the company’s promoter VSS Mani were planning to sell some shares. Now, they would have to wait as the IPO card has been shuffled and pushed down.

Just Dial’s founder and CEO VSS Mani told VC Circle: "We got extraordinary response for our IPO road show. We got over 40 investor interest from Singapore, Hong Kong, USA as well as India. When we were back, our existing investors Sequoia and SAP wanted to put in fresh money rather than diluting their stakes."

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