The company will be in a position to provide payment solutions to its users and that it is vital for its transaction services. JustDial has been delaying the launch of JD Cash for quite some time now. It had first announced its plans for a payments platform in 2014.
This is for the June quarter. The company said that it recognized a revenue of Rs 5.5 Cr from its Omni business. Omni is an inventory management product it introduced to help small businesses manage their online and offline sales. In the preceding quarter JustDial said it saw setup fees of Rs 3.65 Cr recognized from Omni.
These stood at Rs 176.29 Cr for the quarter ended June 30. The company had reported revenues of from Rs 166.03 Cr in the same quarter last year. On a sequential basis, revenues declined 1.85% from Rs 179.61 Cr. Net profit stood at Rs 38.93 Cr, up 8% from Rs 36.03 Cr in the same quarter last year. On a sequential basis, net profit increased 10.28% from Rs 35.3 Cr.
He is the MD of Sequoia Capital India. Singh was appointed as a Director of JustDial on June 21, 2012. Sequoia Capital is one of JustDial’s key investors. Sequoia Capital India Growth Investment Holdings I has over 29 lakh shares, 4.19% of the total shares. Sequoia Capital India Investment III holds over 13 lakh shares, 1.95% of the total shares.
JustDial launched JD Omni, an inventory management product to help small businesses manage their online and offline sales, and said that it saw setup fees of Rs 3.65 Cr recognized in the quarter. Omni will help small businesses and shops get their own website complete with a payment gateway and also link up with JustDial’s Search Plus app and update their inventory on the app.
Ravi Adusumalli, managing partner at Saif Partners, has already made his exit from the company’s board. Saif Partners, which had first invested Rs 55 Cr in JustDial, followed by more rounds along with Tiger Global, Sequoia Capital and SAP Ventures, has received 12x returns to the venture firm. The firm had sold 40% of its 19.72% stake in the public offering in May.
JustDial has bought back shares worth nearly Rs 165 Cr from shareholders. The transaction was carried out at the price of Rs 1,550 per share payable in cash. The company used its free reserve capital to carry out the transaction. Largest investors to sell their stock include VSS Mani offloading 24% of his 24.37% share, SAIF II Mauritius, going down from 8.87% to 0.14% share, Sequoia Capital and SCI Growth investments, both going from 7.91% to 0.12% share and Sequoia Capital investments III, reducing shares from 5.38% to 0.08%.
Directory services company JustDial will be adding more than 4,000 employees to handle sales for the company over the next 9-10 months. JustDial’s revenues remained under pressure over the last two quarters as the company did not make adequate staffing for its sales team. The company reported revenues of Rs 171.33 crore at the end of the quarter ended December 2015, compared to revenues of Rs 171.27 crore in the preceding quarter. Employee base decreased to 10,198 employees. In the preceding quarter, JustDial’s employee count was at 10,611.
Silicon Valley based Sequoia Capital has raised a $920 million fund to further invest in Indian companies.Sequoia’s Fund V closed around more than a month ago. This is the largest fund raise by any VC till date. In 2015 April, Sequoia had raised $210 million to its existing $530 million-India fund. Altogether, the total assets in India are more than $3 billion. The companies included in Sequoia’s portfolio are Oyo Rooms, Zomato, Freecharge, JustDial, Grofers, Craftsvilla etc.
Justdial CTO Sandipan Chattopadhyay has put in his papers and decided to pursue opportunities with social entrepreneurship ventures. He will move to an advisory role with Justdial. Chattopadhyay’s exit comes days after Justdial underwhelmed investors with weaker-than-expected revenue growth in its latest quarter. Justdial is also struggling to identify its next growth drivers.