MUMBAI, July 23 (Reuters) - Venture capital firm Sequoia Capital India has invested 400 million rupees ($8.2 million) in telephone and web search services provider, Just Dial, the firms said in a joint statement on Thursday.
Sequoia Capital India’s managing director Sandeep Singhal will join the board of Just Dial, which has over 90 percent of the market share and reaches out to about 400 million mobile customers and 40 million internet users, they added.
The number of calls Just Dial receives has more than tripled to 200,000 per day in three years, the statement said adding over 100,000 small and medium enterprises advertise on Just Dial.
Sequoia Capital India, the arm of U.S. venture capital firm Sequoia Capital, manages capital of about $1.8 billion and has invested in a host of Indian companies including Shaadi.com, SKS Microfinance, Cafe Coffee Day and Naukri.com.
$1=48.5 Indian rupees Reporting by Bharghavi Nagaraju; Editing by Sunil Nair