Reliance Retail, a subsidiary of Reliance Industries Limited, has acquired a controlling stake in Just Dial, a 25-year-old publicly listed firm that offers services like local search and ecommerce, among others.
In a press brief, Reliance Retail said it would acquire a 66.95% stake in Just Dial for US$766 million. The fresh capital injection will allow Just Dial to grow as a local listing and commerce platform. On July 16th Mukesh Ambani owned company had signed an agreement to acquire over 40% stake in the company for Rs.3497 crores ($469million) with an additional open offer to acquire an additional 26% stake.
According to Reliance Retail, JustDial managing director and chief executive officer VSS Mani will continue to lead the firm.
The deal will also help Reliance Retail leverage Just Dial’s large database, comprised of 30.4 million listings and consumer traffic of 129.1 million quarterly unique users as of March 31, 2021. Launched in 1996, Just Dial began as a phone-based service to help customers connect with the service providers such as electricians or florists. The company now covers listings from various categories, including travel, credit services, and consumer electronics. The company says its services are available in more than 250 cities across India.
