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Tiger Global sells a further 5.4% stake in JustDial

JustDial

Tiger Global has sold a further 5.37% stake in directory services company JustDial for Rs 408 crore (about $64 million) through open market transactions, reports TechCircle. Tiger Global now has 3.81% stake left in JustDial. Earlier this month, it had sold 2.1% stake in the company for Rs 162 crore, and had shed 3.4% stake for Rs 300 crore in March this year.

Tiger Global is also believed to have sold a partial stake during JustDial’s 2013 IPO. Tiger Global had invested about Rs 77 crore in JustDial in 2007 and a further Rs 30 crore in 2009.

It’s not clear why Tiger Global is diluting its stake in JustDial, especially since now JustDial is no longer simply a local businesses listings platform. Earlier this year, the company introduced a marketplace for selling electronics and white goods to bolster its e-commerce ambitions. JustDial’s Search Plus suite of services has also expanded to offer 23 services, including online travel & ticketing and doctor appointment bookings and restaurant merchant management services. It’s also developing a cab-hailing app, which will likely be integrated into the Search Plus suite. The company is also looking to launch its digital payments service JD Cash this year. JustDial is also looking to expand to the Middle East, and its UK website went live in February.

Interestingly, Tiger Global’s biggest bet in India is Flipkart, which is now a prime competitor for JustDial. Tiger Global has invested in every single round since it first invested in Flipkart in 2010. However, this isn’t to say that Tiger Global is solely concentrating on Flipkart. It has made several new investments this year, including:

May 2015: $85 million in the e-commerce logistics services provider Delhivery, with participation from existing investors Multiples Alternate Asset Management, Nexus Venture Partners and Times Internet Limited.

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April 2015: $50 million in online customer support platform Freshdesk, along with Accel Partners and Google Capital.

April 2015: $150 million in classifieds site Quikr, along with AB Kinnevik and Steadview Capital.

March 2015: Rs 185 crore in LimeRoad, with participation from Matrix Partners and Lightspeed Ventures.

March 2015: $15 million in mobile game developer Moonfrog Labs, along with existing investor Sequoia Capital.

March 2015: $5 million in billing solutions provider ChargeBee, along with Accel Partners.

February 2015: Rs 25 crore in mobile news aggregator News In Shorts.

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February 2015: $18 million in digital video network Culture Machine, along with existing investors Times Internet and Zodius Capital.

January 2015: $31 million in online jewellery store CaratLane.

January 2015: $100 million in e-commerce marketplace ShopClues, with participation from existing investors Helion Venture Partners and Nexus Venture Partners.

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