Mukesh Ambani's company Reliance Retail has bought digital services company Just Dial. Reliance Retail has done this deal for Rs 3,497 crore. The company informed that the company has acquired a 41% stake. The company will bring an open offer for an additional 26% share. The company also said that the command of Just Dial will remain in the hands of MD and CEO VSS Mani.
The money invested by Reliance Retail will enable Just Dial to grow and expand. With this, it will be able to step into new products and services. The company has a database of more than 3 crore listings. There are 12.91 unique visitors every quarter till the quarter ended March.
Regarding the deal, Isha Ambani, Director, Reliance Retail said that the new deal will help the merchants and MSMEs associated with our platform to strengthen their business. Just Dial's experienced management and teamwork coupled with the best team will drive Reliance Retail's growth spurt.
Reliance has already become the country's largest organized retailer while Just Dial is the market leader in the local search engine segment. According to reports, talks between Reliance and Just Dial were going on since April, but it picked up recently.
Just dial is a 25-year-old information search and listing company with a pan-India network. With the deal, Reliance Retail will benefit from its merchant database.
Just Dial started in 1996 as a phone-based service. Back then it used to be the market leader in Search and Discovery. But later its business was affected by the arrival of companies like Practo, Urban Company, Book My Show, Zomato, Paytm and Make My Trip.
Like and Follow us on :
