Russia’s leading international Internet fund DST Global has begun to look at Internet companies in India for potential investment, according to Indian online investment publication VCcircle, citing “sources familiar with the development” earlier this month.
DST opened its Asia office in Hong Kong earlier this year. It also invested in Chinese e-commerce leader 360buy.com and b2b giant Alibaba Group.
According to VCcircle’s source, DST has offered to invest $100 million in Mumbai based local search player Just Dial, although this could not be independently confirmed. Backed by investors such as SAIF Partners, Tiger Global Management and Sequoia Capital India, Just Dial filed to launch a IPO in June this year.
DST has also held investment discussions with Flipkart, an online retailer looking to raise up to $200 million, VCcircle says. The firm, already backed by investors Tiger Global and Accel Partners, reportedly seeks a valuation of around $1 billion and is in talks with private equity majors like General Atlantic Partners.
VCcircle received no confirmation of the reported activity of DST Global from either the Indian target companies or from their alleged potential Russian investor.
