Local search provider Justdial will now be rising up to Rs 1,000 crore as they have got the board approval for it. The move however can be seen furthering its ambitions in the booming online retail industry.
The company, which is based in Mumbai, is supported by venture capital firm Sequoia. Justdial made its stock market debut last year. Although, the company was wary of details but analysts expect the money to be raised by way of share placement with financial institutions. It was confirmed by the founder and CEO of Justdial VSS Mani that they are interested in expanding the company’s online retail business however they refused to share any details.
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“I don’t want to reveal anything right now,” he said. In January, the 48-year-old entrepreneur extended his company’s footprint from local search and listing to directly facilitating online transactions. The move pitchforked Justdial into the thick of action in the online retail market which is forecast by Gartner to be l worth $6 billion (36,000 crore) in 2015, a 70% increase over 2014.
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