Dependence Retail stated on Friday it has acquired a controlling stake in 25-year-old Indian search and discovery firm Just Dial for $469 million.
The Indian retail giant, which leads the marketplace, said it has acquired 41% stake in openly noted Simply Dial for $469 million and will make an open deal to get an extra 26% stake later on. VSS Mani, founder and chief executive of Just Dial, will continue his management role at the firm, both the business stated in a joint news release.
Simply Dial offers local search and e-commerce services through its site, mobile apps and telephone line. Users in India can inquire about local plumbing professional, information for hotels, and housekeeping services among other things by simply calling 8888888888.
The decades-old company — — which prior to entering the general public markets raised about $102 million from Tiger Global, Elevation Capital, Sequoia Capital India, Sapphire Ventures, and Nalanda Capital —— has actually developed a huge database whose results are so useful and appropriate that they often populate top search questions on Google and other search engines. The service is complimentary for users, however Simply Dial charges services and specific service providers a fee for listing. Screengrab of Simply Dial website.”Almost 25 years earlier, we had a vision to build a connected single platform devoted to offering quickly,
totally free, dependable and extensive info to our
users and link buyers to sellers,”stated Mani.”Our vision has actually developed to not just offer search and discovery but drive commerce across merchants through our B2B platform and allow more consumer to merchant commerce given our platform engagement. Our tactical collaboration with Reliance enables us to recognize this vision and change business moving forward.”Just Dial’s acquisition is among many Reliance Industries — or its subsidiaries including telecom giant Jio Platforms and Reliance Retail that together raised over $27 billion last year from marquee investors including Facebook and Google — has made in recent quarters. In August, Dependence obtained a 60%stake in pharma marketplace Netmeds’parent company Vitalic for about$83.2 million. In November, it obtained online furnishings start-up Urban Ladder for$24.4 million in a distress sale. Last year, Reliance Retail likewise participated in a$3.4 billion handle Future Group to buy numerous of India’s second biggest retail chain’s companies.
The offer, which is yet to close, is at the centre of suits with American e-commerce giant Amazon.”Reliance is thrilled to partner with Justdial and Mr. VSS Mani, a first-generation business owner, who has actually created a strong company through his business acumen and perseverance, “said Isha Ambani, Director of Reliance Retail, in a declaration.”The financial investment in Simply Dial highlights our commitment to New Commerce by additional enhancing the digital environment for countless our partner merchants, micro
, little and medium business. We eagerly anticipate dealing with the extremely knowledgeable management group of Just Dial as we further broaden business moving forward.” Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.
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