India-based local listings services provider Sulekha has received Rs 1.75bn ($27.7m) in a series C round featuring corporate-backed venture firm Norwest Venture Partners, Live Mint reported yesterday.
Norwest, which manages funds for financial services firm Wells Fargo. was joined in the round by Singapore’s sovereign wealth fund GIC.
Sulekha provides a local listings service for businesses that generates qualifies leads. The platform is free for consumers but companies pay a fee.
The company currently generates 80% of its revenue, which includes these fees and advertising, from 15 major cities in India, but will use the series C funding to increase its presence and grow its revenue in 40 to 50 additional cities within the next 18 months.
Norwest provided $10m in series A funding for Sulekha in 2006. In 2011, Norwest and conglomerate Mitsui Global invested in a $6.5m series B round, while venture capital firm Indio Monsoon supplied $4m of seed funding in 2001.