SAIF Partners Invests in Qikwell and PropTiger, Partially Exits Just Dial (Asia)
Source: VCCircle | Author(s): Sainul K. Abudheen, Bhawna Gupta
Asia-focused multi-stage investment firm SAIF Partners has invested US$3 million in India-based online doctor appointment platform Qikwell Technologies’ Series A funding round, and participated in a US$37 million round for Elara Technologies, operator of India-focused real estate marketing platform PropTiger.com. Global media group News Corp invested US$30 million in Elara, with SAIF Partners and venture capital firms Accel Partners and Horizen Ventures contributing the remainder. Separately, SAIF Partners has partially exited a quarter of its remaining stake, or 1.6 million shares, in India-based search engine operator Just Dial for an estimated INR2.5 billion (approximately US$41 million). SAIF’s investment in Just Dial has reportedly generated a cash-on-cash return multiple of 30x to date.