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Sequoia Capital sheds further 5% stake in JustDial for Rs 135 crore

Sequoia Capital has sold around Rs 32 lakh shares in JustDial for Rs 135 crore on September 5, according to data on the National Stock Exchange Showed (NSE). The venture capital firm sold shares from three tranches: Sequoia Capital India Groth Investment Holdings 1 sold around 15 lakh shares, Sequoia Capital India Growth Investments 2 sold around 14 lakh shares while Sequoia Capital India Investments III disposed of around 7.11 lakh shares.

The shares in the local search engine were bought by HDFC Mutual Fund at Rs 375 per share.

In March, JustDial bought back around 1.06 million shares for Rs 164.53 crore, at Rs 1,550 per share. Sequoia Capital’s stake had gone down from 7.91% to 0.12% share and Sequoia Capital investments III reduced shares from 5.38% to 0.08%. In December 2015, Sequoia Capital had offloaded 1.57% stake in JustDial for over Rs 100 crore through an open market transaction, according to The Economic Times. Sequoia Capital had invested Rs 40 crore in JustDial in 2009.

Meanwhile, Sequoia Capital India managing director, Shailendra Singh, quit JustDial’s board in June 2016.

Tiger Global stake offload

In 2016, New York-based hedge fund Tiger Global has offloaded majority of its stake in JustDial. It first sold a 3.4% stake in JustDial for Rs 300 crore in March last year, followed by shedding an additional 2.1% stake for Rs 162 crore through open market transactions in May, and finally offloading a further 5.37% stake for Rs 408 crore in the same month. Tiger Global is believed to have sold a partial stake during JustDial’s 2013 IPO as well. Following this stake sale, Tiger Global now has 3.81% stake left in JustDial. Tiger Global had invested about Rs 77 crore in JustDial in 2007 and a further Rs 30 crore in 2009.

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Financials

The online search company reported a net profit of Rs 38.16 crore for the quarter ended June 30 (Q1FY18), registering a dip of 2% from Rs 38.93 crore in Q1FY17. Operational revenues during the quarter stood at Rs 190.04 crore, representing an increase of 7.8% from Rs 176.29 crore for the same quarter last year.

On a like-for-like basis, revenue for search business was at Rs 190.2 Crores witnessing a growth of 11.7% YoY from Rs 170.2 in the same quarter last year. Sequentially, Search Revenue increased 4.7% QoQ at Rs 181.6 crore.

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