Mukesh Ambani-led Reliance Retail Ventures Limited is planning to convert its MyJio mobile application into a super app by including the offerings of Just Dial, an online classified and retail services provider, reported The Economic Times, citing sources.
This super app will be a "one-stop window for every imaginable consumer need", sources told ET.
At present, the final mould of the app is being worked upon, said the report, adding that the application is expected to be rolled out only after Centre clarifies its e-commerce policy.
The development comes after the acquisition of Just Dial by Reliance Industries. In an extraordinary general meeting (EGM) held on August 13, the shareholders of Just Dial had given their nod to issuing shares worth Rs 2,165 crore to Reliance Retail Ventures Limited (RRVL), the retail arm of Reliance Industries.
In fact, the proposal — a preferential allotment at a price per share of Rs 1,022.25 — was approved by a 97.49 percent majority at the EGM.
Subsequently, on August 16, RRVL purchased a 40.95 percent interest in Just Dial, a public listed company, for Rs 3,497 crore. According to the formal agreements, VSS Mani, the founder of Just Dial, will continue as the managing director and chief executive officer of the business-to-business (B2B) search engine.
The super app by Reliance will compete with the super app being planned by Tata Digital. In May this year, Tata Digital purchased majority ownership in the e-grocery platform BigBasket, and in June, it purchased shares in e-pharmacy company 1Mg with an aim to develop its super app.
Earlier this year, Mumbai-headquartered Just Dial had taken a big step towards retail business with the launch of JD Mart, the company’s B2B marketplace platform. JD Mart is aimed at connecting bulk buyers with wholesale sellers across product categories.
“JD Mart is an exclusive B2B portal for a new wholesale experience. B2B buyers can discover quality vendors offering a wide selection of products to choose from, spread across various categories to suit all their B2B needs,” read Just Dial’s press statement.
First Published: IST