GIC leads $28m Series C round in Indian classifieds Sulekha

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.

Also Read

GIC participates in taxi aggregator Ola’s $400m Series E round

GIC to invest $166m in India’s Bandhan Bank

Singapore’s GIC backs KKR venture in India

GIC buys stake in India’s Nirlon for $198m

GIC to acquire Shriram SEZ in Chennai for $136m: Report

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.