Reliance Retail said on Friday it has acquired a controlling stake in 25-year-old Indian search and discovery firm Just Dial in a deal worth $469 million.
The Indian retail giant, which leads the market, said it has acquired 41% stake in Just Dial and will make an open offer to acquire up to 26% additional stake. VSS Mani, founder and chief executive of Just Dial, will continue his leadership role at the firm, both the companies said in a joint press release.
“Nearly 25 years ago, we had a vision to build a connected single platform dedicated to providing fast, free, reliable and comprehensive information to our users and connect buyers to sellers,” said Mani.
“Our vision has evolved to not only provide search and discovery but drive commerce across merchants through our B2B platform and enable further consumer to merchant commerce given our platform engagement. Our strategic partnership with Reliance enables us to realize this vision and transform the business going forward.”
Just Dial’s acquisition is one of many Reliance Industries — or one of its subsidiaries including Jio Platforms and Reliance Retail — has made in recent quarters.
More to follow…
source https://techcrunch.com/2021/07/16/reliance-retail-acquires-majority-stake-in-just-dial-for-469-million/
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