SAP Ventures, the corporate venturing unit of Germany-based software group SAP, is co-leading with venture capital (VC) firm Sequoia an investment in Just Dial, an India-based search firm.
Nino Marakovic, head of SAP Ventures, said it was co-lead in the deal with Sequoia India, which already owns 10% of Just Dial.
News provider VCCircle said SAP Ventures was investing $7.5m for a 1.5% stake in Just Dial, which values the business search firm at $500m compared to $100m two years earlier.
VCCircle said the investment was ahead of Just Dial’s planned flotation with a regulatory filing expected later this month for Just Dial.
Just Dial raised its first round of institutional funding of R50 crore ($11m) from VC firm SAIF Partners in 2006, which retains 23%, followed by another investment worth R77 crore by hedge fund Tiger Global in 2007.
VCCircle said last year Malaysia-based Astro All Asia Networks bought 50% of Just Dial’s peer Getit Infoservices for about R100 crore, while in December 2008 internet services provider Yahoo acquired 30% of Network Management.