Shailendra Singh, Managing Director of Sequoia Capital India, is no longer on the board of JustDial. The directory services company JustDial informed BSE that Singh, who was a “Non-Executive and Non-lndependent Director of the Company, has ceased to be a director of the Company with effect from June 13, 2016.”
Singh was appointed as a Director of JustDial on June 21, 2012, according to the company.
Sequoia Capital is one of of JustDial’s key investors. Sequoia Capital India Growth Investment Holdings I has over 29 lakh shares, 4.19% of the total shares, according to its shareholding pattern for the quarter ending March 2016. And Sequoia Capital India Investment III holds over 13 lakh shares, 1.95% of the total shares.
In March, JustDial bought back around 1.06 million shares for Rs 164.53 crore, at Rs 1,550 per share. Sequoia Capital had gone down from 7.91% to 0.12% share and Sequoia Capital investments III, reducing shares from 5.38% to 0.08%.In December 2015, Sequoia Capital had offloaded 1.57% stake in Just Dial for over Rs 100 crore through an open market transaction, according to The Economic Times.
Last Month, Ravi Adusumalli, Managing Partner at SAIF Partners had left the JustDial board.
JustDial Funding: In June 2013, JustDial had raised a total investment of around Rs 925 crore for their existing institutional investors including SAIF Partners, Tiger Global, Sequoia Capital and SAP Ventures and its promoter and founder, VSS Mani, through its Initial Public Offering. It had fixed the issue price at Rs 530 per share.
In June 2011, JustDial had raised $10 million from SAP Ventures, the investment arm of German software company SAP,and existing investor Sequoia Capital. Sequoia Capital had invested Rs 40 crore in JustDial in 2009.
Financials: JustDial had reported operating revenue of Rs 179.61 crore, up 15% year-on-year (YoY), for the quarter ended March 2016. Sequentially, operating revenues were up 4.83% from Rs 171.33 crore. Net profit stood at Rs 35.3 crore, down 25% from Rs 47.16 crore in the same quarter last year. On a sequential basis, net profit increased 30% from Rs 26.99 crore.