New York-based private equity (PE) giant Tiger Global has exited its eight-year-old investment in Mumbai-based JustDial by selling its residual 5.37% stake for over R431 crore, generating a gross return of around 18X for investors.
Tiger Global started investing in the company in 2007. It first offloaded its holding by selling 6.52% stake in June 2013 for $34 milllion, returning its investors over 7X. It exited JustDial completely by selling 5.37% stake for around $68 million via an open stock market transaction on Tuesday. Tiger Global has global assets under management of around $20 billion. JustDial was founded by VSS Mani in 1994. It provides a listing platform for firms catering to B2C and B2B customers. Since its June 2013 IPO, Just Dial’s share price has risen over 85% to R1,138.50 on the BSE on Tuesday.
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