Singapore’s sovereign wealth fund GIC has led a $28.1 million Series C round India’s online listings website Sulekha.com New Media Pvt Ltd. Existing investor Norwest Venture Partner (NVP) also participated in this round.
This is Sulekha’s third funding round, and its previous round in 2011 had seen Japan-based Mitsui and Co. Ltd investing $8 million, and prior to that, Norwest had invested around $10 million in in 2007.
Sulekha.com said it will use the funding to expand its platform, invest in technology and branding, increase spending on branding and marketing, in addition to expanding to tier I and tier II cities.
“This investment by GIC and Norwest is a powerful endorsement of the vast potential of the local services opportunity in India and Sulekha’s ability to prosecute it successfully. Sulekha has cultivated deep expertise and built a sophisticated platform in 800+ local service categories including home/office services, coaching/training, health/lifestyle and property/rentals,” said Satya Prabhakar, founder and CEO of Sulekha.com, in a statement.
“Less than 10 per cent of local businesses in India have ever advertised, according to recent estimates. Sulekha is seizing an enormous opportunity in transforming how businesses find local customers and grow and we look forward to significant scale ahead,” said Promod Haque, senior managing partner of NVP.
For GIC, this is its second India deal within days, and last week, it was among the investors that had participated in the $400 million Series E round of Bangalore-based Taxi aggregator Ola.