Just Dial shares soar by 20% amid acquisition talks with Google

Update: Just Dail has denied the acquisition talks with Google in the BSE filing.

US internet giant Google is in talks to acquire Mumbai-based listing aggregator Just Dial. Both the companies had entered into exclusive talks about two months ago, the report said quoting an investment banker familiar with the discussions.

Google has expanded its offers in India to include business listing with Google Maps too. Google Aero, an aggregator service app in collaboration with already established players such as UrbanClap, Faasos in the service and food ordering business, respectively, has put it into competition with Just Dial.

Also Read: Google Cloud region goes live in Mumbai today

Buying Just Dial will give Google, owned by Alphabet Inc, a database of 20 million pan-Indian listings, reported Business Standard.

Founded in 1996 by VSS Mani, Just Dial is one of a few digital businesses to get listed on stock exchanges. Since the launch of IPO, the company has witnessed ups and downs in the business and share both.

The Shares of Just Dial advanced nearly 20 percent in early trade after the acquisition reports.

In July, this year Ramkumar Krishnamachari, Chief Financial Officer of Just Dial resigned from the company, which was the third high-profile exit at Just Dial in three years and second in less than a year. In October 2016, RV Raman stepped down from the position of chief technology officer. Raman was the second CTO to leave the company in a year after his predecessor Sandipan Chattopadhyay resigned in December 2015.

Also Read: Know why: Amazon, Apple, Google and Facebook will disappear within 50 years

As of 31 March 2017, the company conducted around 435,360 campaigns for paid advertisers compared with 368,800 campaigns as of 31 March 2016, representing a year-on-year growth of 18%.

In July, US search behemoth Google acquired Bengaluru-based artificial intelligence startup Halli Labs. Founded in April this year, Halli Labs is Google's second acquisition of an India-based startup.