Tiger Global, the private equity investor which has seen one of the highest successful exits rate from notable Indian startups, has now offloaded shares of the online business directory platform Justdial.com which it invested in about eight years ago.
The investment firm has part-existed from the company by selling off its 2.1 percent stake in the company for $7.7 million through open market transactions. 975,607 shares which Tiger Global sold were picked up by a portfolio investment arm of Goldman Sachs for Rs.106.11 crore.
It sold a total of 1.482 million shares, amounting to 2.1% stake of Just Dial. The shares were offloaded on an average price of about Rs.1,088 apiece, valuing the transaction at Rs.161.24 crore.
Earlier in March, it sold off 3.4 percent stake of the company for about $48 million, which yeilded 20x returns to the firm on its eight year old investment. After the latest tranche, the holding of Tiger Global has come down to around 9.18 percent which is worth $110 million. Earlier, it held 11.28 percent stake in the company.
Just Dial’s shares reached a peak point last August, but since then, the share price of the company have been declining. It saw around 30 percent decline on BSE and 40 percent of its value.
Just Dial was founded by V S S Mani, the company started offering local search services in 1996 under the Just Dial brand. The company went public on January 14, 2013 and is is planning to raise up to $165 million through equity and related instruments.
The other two VC investors in the company – SAIF Partners and Sequoia Capital had part-exited last year but they sold shares when the share price was much higher. SAIF Partners part-exited around $41 million and generated around 30x in gross returns.