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Reliance Retail bought such a stake in Justdial!

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Reliance Retail bought such a stake in Justdial!
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The country’s richest man and billionaire businessman Mukesh Ambani is playing big bets regarding the retail sector. Reliance Retail Ventures, a subsidiary of his Reliance Group, recently bought a controlling stake in local search engine Justdial Limited.

‘Data is New Oil’

American data analyst Clive Humby’s famous sentence is ‘Data is New Oil’, Mukesh Ambani had mentioned this sentence at the time of Jio’s launch and since then it has become clear how seriously he is proceeding with data. Huh. This deal with Justdial is also related to access to data.

Reliance Retail bought such a stake in Justdial!
Image Source- Google | Image By- 91Mobiles

Reliance Retail Bought this much stake in Justdial

3497 crore stake in Justdial bought by Reliance Retail. The company will hold 40.95% stake in Justdial. Apart from this, according to the rules related to takeover of a company, up to 26% of the shares will be bought from the market. In this way, Reliance Retail will have about 66% stake in Justdial.

Mani will remain in his post

Reliance Retail bought such a stake in Justdial!
Image Source- Google | Image By- Entrackr

Reliance Retail says that Justdial’s founder and CEO VSS Mani will continue in his post. The company will make a public announcement to buy shares from the existing shareholders of Justdial. It will buy up to 26% or 2.17 crore shares from public shareholders.

Reliance will get access to data

After taking the stake of Justdial, Reliance will get access to the data of this 25 year old local search engine company. On this the database of List Merchant will come in handy for Reliance.

There are small, medium and big businessmen, business lists from many cities across the country on Justdial. Reliance’s access to this data will help it grow its retail sector faster and make these merchants a part of its digital ecosystem.

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