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Just Dial Gives Clarification On Takeover Talks With Google

10 November 2017

The rumours spread after an Indian media publication Business Standard reported that Google, the subsidiary of Alphabet was looking to buy the business of JustDial.

The BS report said citing an investment banker that Google has been talking to Just Dial for a buyout for sometime.

The original report stated that the two companies have been in talks for the last several months. However, it might require a while to finalize the deal.

Shares of Just Dial were trading at Rs 545.90 apiece at noon, up around 19 per cent from its previous day's closing. The price of shares decreased. Quoting an investment banker close to the development, the report said, "It may take some more time before the discussions are finalised".

Just Dial, which traces its routes to a very successful private directory inquiry service over two decades ago, has found the going tougher in the era of online classifieds.

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Recently, Just Dial reported about 26.5 percent rise in standalone net profit at Rs 37.5 crore for the September quarter.

Abhishek Bansal, CEO of Just Dial said in response to the newspaper's email that the company does explore various strategic tie-ups and meet various companies for the same.

The company's revenue from operations stood at Rs194.4 crore in Q2FY18 as against Rs180.3 crore in the year-ago period, up 7.9 per cent. So, Areo and JustDial are competitors.

Justdial was founded by Managing Director and Chief Executive Officer, VSS Mani with 6 employees, rented computers and borrowed furniture in a hired garage space. The company started offering local search services in 1996 under the Justdial brand and is now the leading local search engine in India. The official website was launched in 2007.

Just Dial Gives Clarification On Takeover Talks With Google