34 C
Agartala
Thursday, August 5, 2021

Reliance Retail to amass controlling stake in Simply Dial for Rs 3,497 Cr

- Advertisement -

Reliance Retail has made a Rs 3,497 crore supply to Simply Dial to carry a controlling stake within the native data and enterprise listings platform.

That is Reliance Retail’s fourth acquisition — after Future Group, Netmeds, and UrbanLadder — within the final 12 months.

It would maintain 40.95 p.c in Simply Dial, and make an open supply to amass as much as 26 p.c (roughly 2.17 crore fairness shares) in keeping with SEBI’s takeover laws.

Simply Dial founder VSS Mani will proceed to guide the corporate as Managing Director and CEO, Reliance mentioned in a press release on Friday.

The capital infused by Reliance Retail will assist drive the expansion and enlargement of Simply Dial in direction of making it a complete native itemizing, discovery, and commerce platform and improve transactions for tens of millions of services.

The funding would leverage the 25-year-old firm’s current database of 30.4 million listings and 129.1 million quarterly distinctive customers (on the finish of FY21). 

- Advertisement -

VSS Mani, Founder, Simply Dial

Speaking of the “strategic partnership” with Reliance, VSS Mani, Founder and CEO at Justdial, mentioned, Almost 25 years in the past, we had the imaginative and prescient to construct a linked single platform devoted to offering quick, free, and complete data to our customers and join consumers to sellers. Our imaginative and prescient has developed to not solely present search and discovery however drive commerce throughout retailers via our B2B platform and allow consumer-to-merchant commerce given our platform engagement.”

This acquisition comes at a time when the Mukesh Ambani-owned conglomerate is looking to ramp up its database of small merchants and accelerate its hyperlocal commerce operations. Just Dial’s listings span across 250 Indian cities and have notched up 121.24 million reviews and ratings, making it a perfect fit for RIL.

Isha Ambani, Director of Reliance Retail, said in a statement,

“Reliance is excited to partner with Just Dial and VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. The investment in Just Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises.”

“We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward,” she added.

Simply Dial’s inventory was up practically 4 p.c since Thursday in anticipation of the deal. Its market cap stood at  Rs 6,980 crore on the time of the deal.

Source link

- Advertisement -

Related Articles

Stay Connected

12,452FansLike
6,845FollowersFollow
11,524FollowersFollow
- Advertisement -

Latest Articles