Reliance has already become the country’s largest organized retailer while Just Dial is the market leader in the local search engine segment.
Reliance Industries Reliance has already become the country’s largest organized retailer
Billionaire Mukesh Ambani-owned Reliance Retail Ventures has acquired a controlling stake in digital directory services firm Just Dial for Rs 3,497 crore. The Indian retail giant said it has acquired 41% stake in Just Dial and will make an open offer to acquire an additional 26% stake. The two companies said in a joint press release that VSS Mani, founder and chief executive of Just Dial, will continue his leadership role at the firm.
Mani said, “Around 25 years ago, we had a vision to create a connected single platform dedicated to providing fast, free, reliable and comprehensive information to our users and connecting buyers with sellers.
“Our vision has evolved to not only make discovery and discovery, but also drive commerce between merchants through our B2B platform and enable consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realize this vision and transform the business going forward.
Reliance has already become the country’s largest organized retailer while Just Dial is the market leader in the local search engine segment. It is said that talks between Reliance and Just Dial were going on since April, but recently it has increased. Shardul Amarchand Mangaldas & Company, Cyril Amarchand Mangaldas and Goldman Sachs were made advisors for this deal.
Justdial is a 25 year old information search and listings company with a pan-India network. If this deal happens, then Reliance Retail will get the benefit of Just Dial’s merchant database. Justdial’s mobile, apps, website and 8888888888 telephone hotline have an average of 150 million unique visitors on a quarterly basis.