Just Dial, an India-based search firm, is in talks with a Malaysia-based conglomerate about a minority share sale.
Just Dial’s existing shareholder, venture capital firm SAIF Partners, will sell its stake to the undisclosed corporation, according to news provider Business standard.
Just Dial raised its first round of venture capital funding of R50 crore from SAIF Partners in 2006, which was later followed by a R77 crore by US-based hedge fund Tiger Global in 2007. Bankers told Business Standard that SAIF and Tiger Global hold about 20% each in Just Dial. Sequoia Capital India also picked up a little less than 10% stake from an early investor for R40 crore in a secondary deal, the paper added.
According to the paper, the local listing space is attracting more and more interest from strategic as well as venture and private equity investors. Some of the recent deals in this space include Malaysia-based Astro All Asia Networks buying half of New Delhi-based GETIT Infoservices for about R100 crore. Prior to this, Yahoo! picked up a 30% stake in Chennai-based Network Management, which controls Call Ezee.