Rather I think JustDial is overvalued. Their future looks bleak unless they do some innovation in lead generation schemes.
What I have heard is that they are effective only for certain categories with one of them being marriage event organizers and other hard to find services. But then specialized verticals are evolving, eating JustDial's lunch.
Earlier when they used to have voice calling based search they could easily justify the leads to the small business, but increasingly it's becoming difficult to justify their lead generation pricing and this in turn has led to lot of mis-selling. Their revenue is very tightly tied to number of on the feet salesforce who are very very pushy.