Reliance Retail said on Friday that it had acquired a controlling stake in 25-year-old Indian search and discovery company Just Dial for $469 million. The market-leading Indian retail giant said it had acquired a 41% stake in the public-listed Just Dial for $ 469 million and would then make an open offer to acquire another 26% stake. Just Dial founder and CEO VSS Mani will continue his leadership role in the firm, the two companies said in a joint press release.
Just Dial provides local search and e-commerce services through its website, mobile apps and telephone lines. Users in India can learn more about local platforms, hotel and housework services, among other things, by simply dialing 8. The decades-old company – which rose about $102 million from Tiger Global, Elevation Capital, Sequoia Capital India, Nilkante Ventures and Nalanda Capital before entering the public market – has built a huge database whose results are so effective and relevant that they are almost as relevant. Top search queries from Google and other search engines.
The service is free for users but imposes a charge for Just Dial business and a list of individual service providers. “Nearly 25 years ago, our goal was to create an integrated single platform dedicated to providing users with fast, free, reliable, and comprehensive information and connecting buyers to vendors.” “Our vision is not only to provide search and discovery but also to be able to conduct business across merchants through our B2B platform and enable more consumers to merchant trade due to the busyness of our platform. Our strategic partnership with Reliance enables us to realize this vision and transform the business going forward.
The acquisition of Just Dial is one of the many Reliance Industries – or telecom giant platforms and its subsidiaries, including Reliance Retail, which last year raised over $ 27 billion from marketing investors, including Facebook and Google – in recent years. In August, Reliance Pharmaceuticals acquired a 60% stake in the marketplace Netmadex’s parent firm Vitalik for about $ 83.2 million. In November, it acquired online furniture startup Urban Ladder for $24.4 million in a shaky sale.