The local search engine platform Just Dial Ltd’s 66.95% stake will be acquired by Reliance Retail Ventures Limited (RRVL) for Rs. 5,713 crores. The news was announced by RRVL.
Billionaire Mukesh Ambani-owned RRVL signed a definitive agreement on July 16 to buy a 40.95% stake in the company for around Rs 3,497 crore ($469 million) and make an open offer to acquire up to 26% equity.
RRVL is said to acquire 1.31 crore equity shares from VSS Mani equivalent to 15.62% post preferential share capital at Rs 1,020.
The capital infused by RRVL will help boost the growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services.
These investments will leverage Just Dial’s existing database of approximately 30.4 million listings and its existing consumer traffic of approximately 129.1 million quarterly unique users as of 31 March 2021, the company said.
Around seven years ago, Just Dial was valued at $1.8 billion. Today the valuation is around $900 million. Just Dial had 30.4 million listings and 129.1 million quarterly users across the web, mobile, app, and voice platforms till 31 March 2021.
