Reliance Retail Ventures Limited has announced the acquisition of controlling stake in Just Dial Limited for a total consideration of Rs 3,497 crores. According to the announcement, VSS Mani will continue as Managing Director and Chief Executive Officer to lead Just Dial through the next phase of growth.
Speaking on this transaction, Ms Isha Ambani, Director of RRVL, said, “Reliance is excited to partner with Justdial and Mr. 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.”
Mr. VSS Mani, Founder and CEO at Justdial, said, “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. 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.”
The transaction is subject to shareholder and other customary closing conditions and approvals. Morgan Stanley acted as financial advisor, JM Financial as manager to the open offer, Shardul Amarchand Mangaldas and Khaitan & Co as legal advisors and Deloitte as accounting and tax advisors to RRVL.
Goldman Sachs acted as exclusive financial advisor, Cyril Amarchand Mangaldas as legal advisor and Ernst & Young provided tax advisory and diligence services to Just Dial and its promoters.
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