Reliance Retail Ventures announced the acquisition of controlling stake in Just Dial for Rs 3,497 crore.
Reliance Retail Ventures will hold 40.95 percent stake in Just Dial and would make an open offer to acquire up to 26 percent stake in accordance with takeover regulations
VSS Mani will continue to lead Just Dial as managing director and chief executive officer.
Just Dial is India’s leading local search engine platform which provides search related services to users across India through multiple platforms such as website, apps, over the telephone and text. Just Dial had ~30.4 million listings and 129.1 million quarterly unique users across web, mobile, App and voice platforms as of 31-Mar-2021.
Isha Ambani, Director of Reliance Retail Ventures, said: “The investment in Just Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises.”
Just Dial has recently launched its B2B marketplace platform, JD Mart which is aimed at enabling millions of India’s manufacturers, distributors, wholesalers, retailers to become internet ready in post-COVID era, get new customers and sell their products online. The platform offers digital product catalogues to businesses and aims at digitalizing India’s businesses, especially MSMEs, across categories.