Nalanda Capital, a Singapore-based public market-focused private equity style investment firm has increased its stakeholding in Mumbai-based Just Dial Ltd.
Nalanda Capital has acquired 2.04 percent stake in the company for an estimated Rs 115-120 crore ($18 million) last week. it had also acquired some shares last month.
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In December 2015, Sequoia Capital reduced its shares in the company selling another chunk of its stake in the company. This is its third part-exit. Tiger Global and SAIF Partners had also trimmed its holding part in the company.
About Justdial-
Founded by VSS Mani in 1994, Just Dial is a local search firm that provides both B2C and B2B listings of small and medium businesses across the country and provides services across multiple platforms, including the internet, phone, wireless and print.
For the year ended March 31, 2015, the company reported a 15 percent increase in net profit at Rs 138.84 crore. Operating revenue rose 28 per cent to Rs 589.80 crore.
Shares of Just Dial closed at Rs 792.45 each, down 1.04 per cent on the Bombay Stock Exchange in a strong Mumbai market on Monday. It has a market cap of around $820 million and is the third most-valued public Indian internet firm behind Info Edge (India) Ltd and NASDAQ-listed MakeMyTrip.