Justdial, which was in the headlines earlier this month on speculation that it was in talks with Google as a potential strategic acquisition, saw large deals on its stocks, with HDFC Mutual Fund buying 1.3% stake in the company at a Rs. 500 share price. Sequoia Capital, one of the early investors in the firm, sold 4.54 lakh of its own shares, approximating to 0.7% stake, while SCI Growth Investments also sold 0.9% stake in the firm.
JustDial had denied that talks were ongoing with Google. Google remains the dominant player in the search market, while JustDial has a strong presence in tier 2 and tier 3 Indian cities, accounting for approximately 18% of the firm's revenue.. The company said that the downloads of the JustDial app was 17.3 million in Q2, of which 30% were active users. User retention continues to be an ongoing challenge for the company, with nearly half the users in Q2 - 46% - opting for monthly payment plans.
Picture: Justidal company photo
