Reliance Retail Ventures Ltd buys 40.95% stake in Just Dial, deals for Rs 3,497 crore
Reliance Retail buys 40.95% stake in Just Dial
- Reliance informs SEBI about Just Dial’s deal
- SS Mani to continue as Managing Director and Chief Executive Officer of Just Dial
New Delhi: Billionaire Mukesh Ambani’s company Reliance Retail Ventures Limited (RRVL) has announced the acquisition of Just Dial Limited. The company will invest Rs 3,497 crore for a 40.95 per cent stake in Just Dial. VSS Mani will continue his duties as the Managing Director and Chief Executive Officer of Just Dial.
Just Dial will see the expansion of services and products
The capital provided by RRVL will go towards the growth and expansion of Just Dial. Just Dial will further strengthen its listing of local businesses. Just Dial will work on expanding millions of products and services on its platform, thereby promoting transactions. The investment will also support Just Dial’s existing database. As of March 31, 2021, Just Dial had 30.4 million listings in its database and 129.1 million unique users were using the Just Dial platform during the quarter.
Isha Ambani said this thing
Speaking on the deal, Isha Ambani, Director, RRVL said, “Reliance is excited to partner with Mr. VSS Mani, a first generation entrepreneur who has built a strong business through his business acumen and tenacity. The investment in Just Dial will further enhance the digital ecosystem for our millions of partner merchants, micro, small and medium enterprises, and underscore our commitment to new commerce.”
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