1|PageINTRODUCTION Just Dial is one of the leading local search engines in India. It provides users of "Just Dial" search service with information and user reviews from its database of local businesses, products and services across 11 major cities in India. Its search service is available to users through multiple platforms: Internet, mobile Internet, telephone (voice) and text (SMS). In FY 2012, it addressed over 25.43-crore search requests across its platforms. As of December 31, 2012, it is conducting approximately 195,100 campaigns for its paid advertisers. As one of the first companies to offer local search services in India, Just Dial has a first mover advantage among consumers seeking information on local businesses. Just Dial is now also a well-known Indian brand on the Internet. In addition, through its easy to remember phone numbers and user friendly mobile phone interface, the company believes that it has been able to attain significant mind-share with users for their local search needs. Its search service bridges the gap between users and businesses by helping users find relevant providers of products and services quickly while helping businesses listed in its database to market their offerings. Its search service is particularly relevant to SMEs (small and medium enterprises), which currently, do not have many other cost effective options to access and advertise to such a large number of potential consumers. 2|Page COMPANY OVERVIEW A) CORPORATE INFORMATION Just Dial was incorporated in 1993 by Mr V.S.S. Mani as A&M Communications Pvt. Ltd. The local search services business was started three years later. Over the years, Just Dial has expanded its operations across India with a strong presence in top 11 large cities to become India’s leading local search engine. Just Dial provides search services across two main genera: company search - a specific or any business; category search - product or service based on a given classification, location or key words. Having started with live operatorassisted phone (voice) search service, in keeping with the times, it launched internet, mobile internet and SMS-based services five years ago. While the search service is free for users, the company generates revenues from paid advertisers who subscribe to its fee-based campaign packages to be given priority ranking in the search results. Just Dial was founded by V.S.S. Mani and performs in the capacity of the Managing Director and Chief Executive Officer of the Company. Mr.Mani thought of the idea while working for Yellow Pages Company called United Database India (UDI) in 1987. He felt that the information could prove to be much more useful if it could be provided over the phone. In 1996, he came to know that Mumbai's Kandivali exchange owned the number 088 888 88 888. He was well aware of the importance of having an easy to remember number for a service like this and he somehow persuaded the GM to allot the number to him. However, the company could not be started for almost a year because Mr. Mani could not afford a telephone connection which used to cost INR 15,000. The other option to wait for many years for the connection. The Company finally started providing local search services over the phone in 1996 under the Just Dial brand and launched their Internet and mobile Internet services in 2007. In the beginning, Mr. Mani started the company with a few pieces of 3|Page the venture did not take off. 2013 and approximately 1.95. but at that time owing to low penetration of telephones in the country. •The official website www.1 million listings as of March 31. 470. 2013 Justdial had 7.com was launched in 2007. They believe that their search service bridges the gap between their users and business by helping users find relevant providers of products and services quickly while helping business listed in their database to market their offerings.justdial. After that he worked on a plan "Wedding Planner" in collaboration with The Times of India. Justdial has a database of approximately 9. mobile Internet. 2012. Mr. Justdial's unconsolidated total revenue was Rs 2. As of March 31. 2012.100 campaigns as of December 31. 4|Page .457 employees.000. The company started offering local search services in 1996 under the Justdial brand and they believe that it is a leading player in a rapidly growing local search market in India. over the telephone (voice) and text (SMS). Justdial addressed over 254.716. Mani started a company called AskMe in 1989 based on a similar concept.1 million and unconsolidated restated profits after tax from continuing operations were Rs.3 million search queries from millions of users across platforms.8 million as of December 31.borrowed furniture. such as the internet. •Justdial search service is available to users across multiple platforms. rented computers. Prior to JustDial. In fiscal 2012. a 3x5 feet garage which he took on hire and a seed capital of Rs 50. Non-Executive Director of our Company.B) BOARD OF DIRECTORS B. A visionary and an experienced management professional. 2011. Mani | Managing Director V. Mani is the founder. He was appointed as a Director of our Company on August 2.S. and concentrates on the growth and diversification plans of our Company. he cofounded Ask Me Services and has also worked with United Database India Private Limited. strategy and investment banking. N.A. Non-Executive Director B. He is also involved in the formulation of corporate strategy and planning. Motorola India Private Limited. Credit Lyonnais Bank SA. Non-Executive Director Ramani Iyer is a Non-Independent. 2005. Infrastructure Leasing & Financial Services Limited and Citibank. He holds a Bachelor’s degree in Commerce from Nagpur University and is an associate member of the ICAI. V. Ramani Iyer | Non-Independent. he has approximately 25 years of experience in the field of media and local search services. He has been associated with 5|Page . He holds a Diploma in Hotel Management from Delhi Institute of Management & Services. He has previously worked with Future Group. He is presently engaged in exploring possibilities for technological innovation of our Company’s business and has been responsible for adapting our Company’s business model to suit changing market conditions.S. Non-Executive Director of our Company. HSBC Bank plc.S.S. Managing Director and Chief Executive Officer of our Company and has been associated with our Company since its incorporation. Prior to the incorporation of our Company. Vedanta Resources plc. Anand | Chairman and Independent. overall execution and management. Anand is the Chairman and an Independent. He has approximately 26 years of experience in the fields of corporate finance. He was appointed as a Director of our Company on October 28. He is currently the chief financial officer of Trafigura India Private Limited. Non-Executive Director Sanjay Bahadur is an Independent. Non-Executive Director Ravi Adusumalli is a Non-Independent. Ramani Iyer is a cofounder of our Company and has played a key role with responsibilities including business development. He is presently the chief executive officer of Pidilite 6|Page . 2011 passed by our Board. He was designated as a Non-Executive Director of our Company pursuant to a resolution dated July 27. Executive Director V. business expansion. strategic planning and execution. operations. He has approximately 29 years of experience in the field of construction. He was appointed as a Director of our Company on October 28. He was appointed as a Director of our Company on October 9. Executive Director of our Company. operations. strategic planning and execution. He holds a Bachelor’s degree in Civil Engineering from Delhi College of Engineering. working in the field of strategic planning and execution. Prior to joining SAIF Partners. He is currently a managing partner and heads the India office of SAIF Partners. 2006. 2005.our Company since its incorporation and has approximately 20 years of experience. Non-Executive Director of our Company. Krishnan | Non-Independent. Sanjay Bahadur | Independent. V. Krishnan is a co-founder of our Company and has played a key role with responsibilities including business development. working with our Company in the field of strategic planning and execution. USA. Krishnan is a Non-Independent. Non-Executive Director of our Company. V. He holds a Bachelor’s degree in Economics and Government from Cornell University. He has been associated with our Company since its incorporation and has approximately 20 years of experience. business expansion. He was appointed as a Director of our Company on August 2. He has approximately 17 years of experience in the field of finance and investment. 2011. he worked with Mobius Venture Capital. Ravi Adusumalli | Non-Independent. He is also a director on the board of Blue Dart Express Limited. Tech in Chemical Engineering from the Indian Institute of Technology. 2012. from Harvard Business School and a B. Aeons Construction Products Limited. Ahmedabad. He is also a Kauffman Fellow. South Asia and a member of the DHL Asia Pacific Management Board. He is the chief executive officer of DHL Express. He is currently the Managing Director of Sequoia Capital India Advisors Private Limited. He was appointed as a Director of our Company on August 2. He holds a Bachelor’s degree in Electrical Engineering from the Indian Institute of Technology. He has previously worked with Larsen & Toubro Limited. Prior to joining Sequoia Capital India Advisors Private Limited in 2006. Malcolm Monteiro | Independent. Non-Executive Director Shailendra Jit Singh is a Non-Independent. with distinction. He was appointed as a Director of our Company on June 21. 2011. He has approximately 13 years of experience in the field of investment and financial services. Non-Executive Director of our Company. Unitech Prefab Limited and ACC Concrete Limited. he was a strategy consultant at Bain & Company. 7|Page . Mumbai. New York. He holds a Master’s degree in Business Administration. Non-Executive Director Malcolm Monteiro is an Independent. Mumbai and a Post-Graduate degree in Business Management from the Indian Institute of Management.Industries Limited for its Global Constructions and Chemicals division. Shailendra Jit Singh | Non-Independent. Non-Executive Director of our Company. Prior to the incorporation of our Company. Mani is the founder. and concentrates on the growth and diversification plans of our Company. he cofounded Ask Me Services and has also worked with United Database India Private Limited.S. A visionary and an experienced management professional.S.S.S. 8|Page . He is also involved in the formulation of corporate strategy and planning. He is presently engaged in exploring possibilities for technological innovation of our Company’s business and has been responsible for adapting our Company’s business model to suit changing market conditions. Mani | Managing Director V. overall execution and management. he has approximately 25 years of experience in the field of media and local search services. Managing Director and Chief Executive Officer of our Company and has been associated with our Company since its incorporation.C) MANAGEMENT TEAM V. operations. Executive Director V. Sandipan Chattopadhyay | Chief Technology Officer Sandipan Chattopadhyay. He has been associated with our Company since January 1. He holds a Bachelor’s degree in Statistics from the Indian Statistical Institute. Kolkata. strategic planning and execution. business expansion. is the Chief Technology Officer of our Company. Prior to joining our Company he was associated with E Dot Solutions India Private Limited. 9|Page . He has approximately 16 years of experience in the field of technology. Krishnan is a Non-Independent. Executive Director of our Company. working in the field of strategic planning and execution. Krishnan is a co-founder of our Company and has played a key role with responsibilities including business development. He has been associated with our Company since its incorporation and has approximately 20 years of experience. 2009. Kolkata and Post-Graduate Diploma in Computer Aided Management from Indian Institute of Management.V. 2005. V. He was appointed as a Director of our Company on October 28. Krishnan | Non-Independent. 2010. Delaware.S. is the Deputy Chief Financial Officer of our Company. is the Chief Financial Officer of our Company. U. He has approximately 22 years of experience in the field of finance and accounting. 1999.S. Nanded. He has approximately 13 years of experience in the field of finance and accounting. 10 | P a g e . He is a member of the ICAI and the Institute of Cost and Works Accountants of India. He is also a certified as a Certified Public Accountant by the State Board of Accountancy. He has been associated with our Company since August 8. Koora Srinivas | Deputy Chief Financial Officer Koora Srinivas. He is also a CFA Charter Holder from the CFA Institute. He has been associated with our Company since December 1.A. U.A. He holds a Bachelor’s degree in Commerce from Osmania University.Ramkumar Krishnamachari | Chief Financial Officer Ramkumar Krishnamachari. Hyderabad and a Master’s degree in Business Administration from Swami Ramanand Teerth Marathwada University. Prior to joining our Company he worked with Royal Sundaram General Insurance Allied Company Limited. He has approximately 16 years of experience in the field of technology. Kanpur. is the Chief Technical Architect of our Company. He has been associated with our Company since September 21. He holds a Master’s degree in Science (Physics) from Indian Institute of Technology. Prior to joining our Company he worked with Reliance Big Entertainment Private Limited.Shreos Roy Chowdhury | Chief Technical Architect Shreos Roy Chowdhury. 2010. 11 | P a g e . From hereon. 12 | P a g e . monitoring and evaluation. providing computer as well as food and nutrition i. facilities support. nutritious food. It is an English Medium school. Justdial will support activities like renovation and general infrastructure repair and maintenance. aided by modern education techniques and schools over 290 kids from the nearby slums. Justdial will also work towards upgrading the teaching methods to an enhanced level to aid in the holistic development of the children. Sri Sri Ravi Shankar Vidhya Mandir at Dharavi. landscaping and environmental beautification and supply of furniture.D) CORPORATE SOCIAL RESPONSIBILITY At Justdial. all its operational costs will be borne by Justdial. Mumbai. This belief in positive behavior has been embedded in our work culture and is a timeless promise we adhere to in order to make a meaningful difference in the lives of people. EDUCATION Justdial has adopted a school run by the Art of Living Foundation.e. we view Corporate Social Responsibility (CSR) as a true effort to influence social order in a manner that earns the trust and respect of stakeholders and society. including infrastructure. Costs of the entire functioning of this school and all the necessary support and resource mobilization in many areas. books and equipment to improve conditions of learning. The thrust of the project involves bettering the education and learning experience of the child. Founder and Managing Director of Justdial. the power and belief in an idea and the power of simplicity is what drives Justdial.According to Mr. 13 | P a g e ." Our contribution to this cause reflects our business culture of sharing corporate benefits with the community and growing together. "Each child represents a million ideas and we are just an enabling factor to help them realize their true potential. After all. We intend to walk forward on this path and make a marked difference in the society in the years to come. VSS Mani. AGT Business Park.com BANGALORE Just Dial Limited #29. 3rd Floor. Call : +91-44-4210 0000 Fax : +91-44-4231 3131 Email : chennai@justdial. Opposite M J Library. 184-187 Anna Salai. Coimbatore . Gujarat Bhavan.400064. 5th Floor.com 14 | P a g e .380009. Call : +91-172-3950100 Email : chd@justdial. Templs Steps. SRT Street. Cunningham Road.com COIMBATORE Just Dial Limited # 25. Besides Goregaon Sports Complex.com CHANDIGARH Just Dial Limited SCO-:60-61. Little Mount. Saidapet.641004. 4th floor Sec-34/A. Chandigarh-160034. 3rd Floor. Mumbai . Off Asharam Road. Call : +91-0422 2628811 Email : coimbatore@justdial. Avinashi Road. Bangalore .560052.E) REGISTERED & CORPORATE OFFICE AND BRANCHES REGISTERED & CORPORATE OFFICE Just Dial Limited Palm Court Bldg M.com AHMEDABAD Just Dial Limited Unit No B. Call : +91-79-2658 9931 / 39821415 Fax : +91-79-2657 5292 Email : ahmedabad@justdial. Chennai 600015. Ahmedabad . 501/B. 7th Floor. Call : +91-80-2353 1131 / 3980 4092 Fax : +91-80-2234 1444 Email : bangalore@justdial. Call : +91-22-2888 4060 / 6677 9999 / 39808795 Fax : +91-22-2882 3789 Email : mumbai@justdial. Malad (w). New Link Road.com CHENNAI Just Dial Limited B Wing. +91-33-3090 5700 Fax : +91-33-2485 8934 Email : kolkata@justdial. Noida .com 15 | P a g e . 66A/1A & 66A/1B.201301. 1st Floor Above Reliance Fresh. 67/2A. Tonk Road. Begumpet. Sector 16. Mumbai . Pune-411040.No.com JAIPUR Just Dial Limited 4th Floor.com KOLKATA Just Dial Limited No: 703.com HYDERABAD Just Dial Limited No: 7-1-23 First Floor. 5th Floor. Kolkata .400064.500016. Roxana Building (Above Meena Bazar).Opp SMS Stadium. Clover Lingfield Plaza. New Link Road. 501/B. Hyderabad .com PUNE Just Dial Limited S. Behind McDonalds. Salt Lake City. Malad (w). SB 57. Call : +91-33-4406 5599.com MEDIA CONTACT Just Dial Limited Palm Court Bldg M. Greenlands. Besides Goregaon Sports Complex. Call : +91-20-2685 6222 Fax : +91-20-2685 6221 Email : pune@justdial. Call : +91-40-2374 8448 / 3982 3333 Fax : +91-40-2374 8486 Email : hyderabad@justdial. Off Wanawarie Salunke Vihar Road.DELHI Just Dial Limited A. Ridhi Tower. Call : +91-120-391 0301 / 665 8540 Fax : +91-120-248 8245 Email : delhi@justdial. Call : +91-22-2888 4060 Email : media@justdial. Call : +91-141-392 3205 / 392 3206 Email :
[email protected]/1. Jaipur-302017. 39/40.700091. Godrej Waterside Tower One Sector V . 957. It is almost a monopoly in voice-based local search service.06 crore in FY 2012. Sales jumped from just Rs 85. •Justdial had approximately 206. Ninemonth sales has already crossed FY 2012 full year sales and PAT for the nine months is just a tad lower than FY 2012 PAT. a CAGR of 88%. •Justdial Apps are available for the Android. It’s a cash rich business. •Justdial has 08888888888 as their operator assisted hotline number. it has experienced high growth in revenues.STRENGTHS AND WEAKNESSES Strengths During the past few years.92 crore in FY 2009 to Rs 262. a CAGR of 45%. Business owners have the option to list their business on Justdial's database for free. •Justdial users have contributed 29. across India. As one of the first companies to offer comprehensive local search services in India. Blackberry and iOS platforms and they have location based service for their mobile Internet users. 16 | P a g e . Justdial Facts •For the year ended March 31. It has a very strong brand recall. Net profit during the same period rose from Rs 7. •Justdial has a database of approximately 9.1 million listings as of March 31. 2013.54 crore to Rs 50. 7 days a week with multi-lingual support. which is accessible 24 hours a day. 2013 they addressed 364 million search requests from millions of users across platforms.42 crore. till date.500 campaigns as of March 31.783 reviews and ratings for various listings. it has a first-mover advantage among consumers seeking information on local businesses. 2013. where competition will be much higher and revenue/cost dynamics will be different from voice-based searches. An adverse outcome in the above mentioned proceedings could have an adverse effect on the ability of its directors and employees.Key Highlights •Services offered across various cities and towns in India •Advanced and scalable technology platform •Experienced management team •Large online community for reviews •Long operating history with a proven monetization model Weaknesses In future. financial condition and results of operations. Regulatory changes restrict sharing of user data will affect revenues and profits. which may have a material adverse effect on its business. searches will increasingly shift to Internet and mobile Apps. Two criminal complaints have been filed against the company and directors and employees. to serve the company. which do get affected more by economic downturns. which the company dominates currently. who are involved in the above proceedings. 17 | P a g e . prospects. The company earns revenues largely from SMEs. 347. JustDial had re-filed its DRHP with SEBI and was looking to sell 9.936.55 million shares held by Tiger Global Five Indian Holdings.CRISIL has been assigned grade 5/5 to the proposed IPO of Just Dial.925 shares have been subscribed to by 15 Anchor Investors at Rs 530 per equity share. Justdial had obtained approval from Securities and Exchange Board of India (SEBI) for its proposed Initial public offering (IPO).03 million shares held by SAIF Partners. Justdial went public on May 20 at a price between Rs.5 million shares were offered to the public and 3.53% stake in the company. 470-543. JustDial has reserved 75% of its IPO for institutional investors. 1. for a total of around Rs 208. however the company shelved its plans in June 2012. JustDial had initially filed its draft red herring prospectus with SEBI to raise Rs 360 crore in August 2011. in return for 13. 15% for high net worth individuals (HNIs) and remaining 10% for retail investors. Unlike previous public offers. Just Dial adopted a scheme "safety net" for retail investors proposed by the capital market regulator Sebi in 2012 where the company promoters assure 18 | P a g e .779 shares held by SAP Ventures. Out of 17. 13. 2.This grade indicates that the fundamentals of the IPO are strong relative to other listed equity securities in India.04 million shares held by Sequoia Capital.FINANCIAL PERFORMANCE OF JUSTDIAL On March 20.51 million shares held by Tiger Global Four JD Holdings.142 shares held by EGCS and 64. In August 2012. Sequoia Capital and SAP Ventures.5 million shares. 2013. due to a sharp fall in the markets and raised Rs 327 crore from its existing private equity investors.65 crore. with Sequoia Capital leading the funding round with a Rs 305 crore investment. 1. This includes 4.55 million shares of face value Rs 10 each. In May 2013. Justdial IPO was over-subscribed 11.749. Retail investor appetite was low. 19 | P a g e . At the end of day 2Retail investor participation increased almost five fold after a fairly low key participation on day one of JustDial’s IPO: Total bids from retail investors increased to 1. It will be the first such company to get listed on Indian bourses and hence no Indian benchmark is available. around 70% of the total 1. with Mutual Funds finally participating.749.63 times. whereas 1.62% of the shares on offer have been bid for. All in all. Thus. but bidding only for 56200 shares.618 shares offered for them. if its stock falls sharply during the first six months after listing.745 shares that retail investors were allowed have been bid for and most of them have been at the cut-off price.3 times and upper price band (Rs 543) 60. Participation from Corporate and Individuals other than retail investors has been insipid. mostly by QIBs.87. around 72% of total shares on offer for QIBs.275 shares).624.745 shares were offered to them. Retail investors are being given 10% discount and safety net to give them some comfort.that they will buy back shares from the retail applicants at the IPO price.725 shares from 246.200 shares at the end of day 1. Valuation Annualised EPS for nine months ended December 2012 works out to 9. The lower price band (470) discounts this 52. HNIs bid for only 3750 shares of the 2. which set the stage for day 3.200) of shares. On day 3 of issue. With 90% of issue reserved for them. FII’s have bid for 8141850 shares in all.0.4 times. Participation from Qualified Institutional Buyers (FII’s and Mutual Funds) also increased. with only 14% (246.224. around 69. At the end of day 1 A majority of the bids came from Foreign Institutional Investors (65. large investors (mainly institutional) will be deciding the issue price as well as post-listing performance. Fast growing unique companies with strong brand and leading position tend to attract high valuations. 13 20/05/2013 27/05/2013 Rating 47/100 * Retail investors will get a discount of 10% on the issue price Source: Capitaline Databases Just Dial: Financials 0903 (12) 1003 (12) 1103 (12) 1203 (12) 1212 (9) Sales 85.89 3.8 4.39 67.23 49.50 OPM (%) 9.73 13.83 34.2 24.11 Offer size (in no.83 PAT 7.2 23.1 7.83 50.38 79.33 28.On lower price band 822.497.00 Other inc. 3.23 72.93 262.54 19.91 183.12 PBIDT 13.44 9.90 13.03 0.08 EPS (Rs)* 1.22 42.38 .Just Dial: Issue highlights Sector Miscellaneous Offer size (in Rs crore) .11 Dep.37 45.47 20.On upper price band 950.87 crore on face value of Rs 10 each All figures in Rs crore Source: Capitaline Databases 20 | P a g e .15 7.42 47.11 80.92 21.91 Tax 2.01 0. 5. of shares ) Offer for sale 17.22 49.02 10.20 PBT 9.2 OP 7.1 2.01 PBDT 13.30 71.00 0.2 9.00 6.06 264.458 Price band (Rs)* Post issue capital (Rs crore) Post-issue promoter shareholding (%) Issue open date Issue closed date 470-543 69.02 0.84 5.98 29.79 9.09 80.34 68.94 30.7 25.37 79.82 34.92 130.87 33.11 Interest 0.7 27.0 * EPS annualized on the post-issue equity of Rs 69.86 3. and other search like Google .COMPETITION While Just Dial started its services in 1996 and has had the first-mover advantage.the depth of search coverage across cities where the service provider is present . multiple players have been providing yellow page services.500+ cities and towns.com has been present since 1998. Getit has been present since 1986 and Sulekha. local peers Search platforms: Just Dial’s peers have been providing search services across voice. Network reach .has been present for years. These services can also be accessed from across India through another hotline number +91 88888 88888. Convenience to users has been everybody’s common mantra.200 cities/towns and Askme in 525 cities/towns.is more important than the number of 21 | P a g e . competition exists. Its peers like Asklaila is present in 1. online. print (yellow pages) and SMS platforms. Also. Reach: Just Dial has developed a database of product and service providers in 1. Its voice-based search services are accessible in ~250 cities through its main hotline number 6999 9999. Just Dial vs. along with local search services.64 mn Indian users by www.com.com is ranked higher at 47 which.sulekha. growth in number of searches in case of Just Dial signifies the depth and relevance of its reach. also provide blog space and specific content related to jobs/careers. movie reviews amongst others. it is difficult to assess as to which database is consistently updated and which one provides relevant search results to users. details of their databases are unavailable. Among Just Dial’s peers. is available only in Just Dial’s case. though selectively. While this information for Just Dial’s peers is not available. a provider of details of websites across the globe and their usages across various parameters. only www. Performance on the web: Amongst the Indian websites.2 mn in FY11) and mobile internet searches (three-year CAGR of ~215% to 9. Just Dial’s ability to grow its online search services is visible from strong growth in online searches (three-year CAGR of 99% to 77. Also. Sulekha.com has been ranked 58 with 2.justdial.6 mn in FY11). Database: As most of Just Dial’s peers are private. www. again. Financial performance: While Just Dial’s peers may have been able to compete with Just Dial. Growth in number of searches is the only way to gauge the same which.alexa. accumulated losses are now a significant proportion of the capital 22 | P a g e .cities it operates in. Table 4 reflects Just Dial’s peers have been making losses in the past four years. in some cases. their historical financial performance shows that they have not been able to do so profitably.com has a database of ~2 mn and Askme’s database is more than 3 mn. internet and mobile internet platform. in the past four years. It also enables interaction amongst its users. Europe. the UK and many other countries. which its peers have not. Also. It generates revenues through paid ads by local businesses. Just Dial has consistently generated free cash flow. there are local search engines which provide services like Just Dial. Yelp! Inc. • International peers with similar business models In the international market. and across voice. Conversely. provides local search services and ratings/reviews (on a five-point scale) for the same across internet and mobile WAP platform across the US. 23 | P a g e . Just Dial has been profitable in the past decade.. incorporated in 2004.employed. As a result. making the business unviable.has been present in India for many years.Google . Jingle Networks founded 1800FREE411.5 mn. it was unable to achieve scale. In India. Providing local search services in any country is passé for a global player like Google. It generates revenue by playing a jingle. It also provides free directory assistance on iPhone and android mobile apps. However. Globally. It expects Jingle Networks’ revenues to grow by 40% y-o-y to US$ 26 mn.. when a user makes a call for his/her local search requirement. the probability of Google re-entering the local search market is low but any such move by Google is a key monitorable. it introduced interactive voice response (IVR)-based local search service in Hyderabad in April 2008. which is an advertisement. 1800FREE411 has 30 mn unique users a month. providing search services and navigation services through Google maps. acquired Jingle Networks for US$ 62. it closed this service in December 2010. a voice and online local search directory in the US and Canada. • Google remains a key threat The world’s largest search engine . Hence. Google’s search services are based on technology while the search market in India requires collection and maintenance of database through feet-on-street and voice-based search option. In April 2011. Marchex Inc. a US-based digital call advertising and small business marketing company. A comparison of Google India’s FY11 financials and Just Dial highlights that the latter’s revenues were ~22% of Google India’s revenues (includes software development.In 2005. IT-enables services and advertisement revenue through ‘Awards program’). 24 | P a g e . Just Dial’s promoters. the company is heavily dependent on Mr Mani for strategic planning. The company has been able to demonstrate stronger execution capabilities in the local search market than peers driven by a strong top management . 25 | P a g e . If JD Global’s operations take away significant bandwidth of promoters and senior management of Just Dial. While Just Dial continues to keep pace with new technologies (such as android-based applications). led by Mr Mani. according to the industry. players like Reliance Industries plan to offer very affordable devices (tablet PC) and cheap data services (Rs 10 for 1GB). • Experienced management but bandwidth remains a monitorable Just Dial’s management. Just Dial demerged its US operations under Just Dial Global Pvt Ltd (JD Global). play an important role in the strategic planning and operations of Just Dial.led by promoters and their second line. This may attract domestic and international companies to provide mobile applications for local search services which could potentially be another big competition for Just Dial. Mr Mani and Mr Krishnan. JD Global provides local search services in the US as Just Dial provides in India. For future growth. has been proactive in consistently meeting customer expectations both on technology and search content front. Also. the company will have to significantly ramp-up its senior and second line of management. Currently. Also. competition from newer applications and its ability to compete with them remains a monitorable. In Q2FY12. then it could adversely impact the latter’s core operations in India.• LTE technology and affordable smart devices could provide users more online options LTE technology is slated to be launched in India in 2012 and is likely to provide a boost to data usage. which is owned by its promoters and Sequoia Capital. location or key words.a specific or any business. you are also profiled in quest of discovering and listing more SMEs on the Local search Platform.000. The company also hires in-house marketing agents who strive to convert free listings into paid ones.000 and Rs200. with cost of call center employees ranging between Rs150.HOW DOES JUSTDIAL COLLECT DATA? JustDial relies on re-sellers who help the company collect unique data. I think this could distract the growth in Indian business as it is still establishing dominance on alternate search formats – Internet and Mobile where it faces lot of competition as discussed above. JustDial’s per employee salary cost was around Rs210. It relies on re-sellers (akin to agents of the company) to collect data and generate leads. mobile internet and SMS-based services five years ago. with each sales person handling ~58 campaigns. category search .product or service based on a given classification. JustDial employed 2900 sales persons (~2200 tele sales people and ~700 feet on the field).00 in FY12. the company generates revenues from paid advertisers who subscribe to its fee-based campaign packages to be given priority ranking in the search results. JustDial founders have an ambitious target to launch US dial-in / internet business partnered with one of its existing PE investors. Having started with live operator-assisted phone (voice) search service. 26 | P a g e . in keeping with the times it launched internet-. Whenever you call. They are incentivised for doing the same. While the service is free. This is significantly below the average salary paid by BPO firms in the market. Just Dial provides search services across two main genera: company search . independent of the Indian entity. WHO CAN BECOME A RESELLER? A College student looking for some pocket money. All you need is: To make a payment of Rs 4999/. Qualification is not a barrier. We want serious and committed people to take this up.will be payable before the end of every 12 months of your Business. a full time professional looking for an additional income or an insurance agent looking to make valuable contacts. to continue for the next year. It’s like a small investment for starting a business.5514/An Annual Service Charge of Rs.999/. We shall be providing training. You can operate from any part of India.3% Service Tax which will come to Rs. training kits plus support to help our Resellers achieve their goals. hence the onetime fee is charged. a homemaker looking to make better use of your valuable time. 27 | P a g e . We have the key to the door of your dreams.plus 10. Your only requirement is the passion to make it big. This is a serious business opportunity. A drive to make additional income. 22500/.YOU EARN . Considering that you work for 25 days.750 nos At the rate of Rs.000 only.Rs.per data . 28 | P a g e .50/-. In a year . with this minimum effort.per month for 750 records. You earn money by : Data Collection Get Customers to advertise through Smart Listing Data Collection On every unique data* provided by you to Just Dial you can get paid upto Rs.(Average commission only considered for example) YOU EARN . Total data you would have given . 70.HOW DOES A RESELLER WORK? The Justdial reseller gives you an opportunity to earn over Rs. * Any shop / establishment information which is not there in the Justdial records / website is an Unique Data for Justdial . Example If you give 30 leads to Just Dial per day.2.6 lakhs per annum and this for even a person with very basic qualification or no experience but with only a passion to succeed in life.30/.Rs. 70. Consider 6% of the above 750 customer's database that you have provided.Rs. Based on the example find your earnings below 6% of the customers from Data base .34.49500/In case sale is supported by Justdial (or your Principal Coordinator at Justdial). advertise with Justdial through Smart Listing.3% applicable) Just Dial pays commission of 33% of all Registration fees to the Reseller.per month as you get 33% of the Registration amount In a year .only from similar Smart Listing registrations. YOU EARN .000/Smart Listing Rs 5. (Service tax of 10.534421/.Rs.which are the Registration fees. Your probable earnings become: Mode Of Earning Earning In Rupees Database Rs.Get Customers to advertise through Smart listing Every Smart Listing costs Rs.500/- 29 | P a g e .2999/. commission to Reseller will be applicable @ 20% on registration fee as well as ECS cleared. PLUS You earn 20% of the monthly ECS collected from Customers approx .Rs.45 Clients advertise in Smart Listing You EARN per month .421/ECS Rs 49.44535/. 2. 921/In nutshell earnings over Rs. WHY SHOULD I BECOME A JUSTDIAL RESELLER? Any individual with minimal business acumen can earn more than Rs. Become a Reseller: To achieve financial independence To live your entrepreneurial dream For making your own network and building contacts To be associated with a big brand like Justdial To be your own boss 30 | P a g e .Total Earnings Rs 8.53. 7 lakhs per year is an achievable amount and the opportunity is immense. 6 lakhs per annum and the residual income possibilities from this business are immense. DATA COLLECTION For the purpose of how the just dial is providing the information and the people who is using the just dial in their day t day life. here some data collection methods taken… PRIMARY DATA For the primary data the survey method is taken for that 10 different kinds of people provides their feedback on questionnaire which makes better analysis of the Just dial performance in all sense. SECONDARY DATA For that purpose the websites are used for collecting the data of Just dial and the report of crisil. 31 | P a g e . Can’t say 6) What gadget you prefer for connecting Just dial? a. Sometimes c. Good c.QUESTIONNAIRE 1) How much time you using Just dial? a. Computer 32 | P a g e . Sometimes c. No c. Smart phone b. Can’t say 3) How much you are depending on Just dial? a. always b. Tablet c. Regularly b. No. Excellent 5) Is it all time reliable source for getting information? a. Not yet 2) Is that Just dial provides correct information? a. Not yet 4) What about customer services? a. Yes. Normal b. Regularly b. sometimes c. Yes b. Can’t say 33 | P a g e . Just dial c. No c. No c. No one 8) Is that Just dial useful for their client? a. Google b. Yes b. Yes b. Yes b. Can’t say 9) What you think is it Indian Google? a. Can’t say 10) Will you use Just dial in future also for getting information? a. No c.7) What you think who is better information provider? a. DATA ANALYSIS OF QUESTIONAAIRE …. 9 8 7 6 5 4 3 2 1 0 question question question question question question question question question question 1 2 3 4 5 6 7 8 9 10 A B C 34 | P a g e . such as ZatSe and ask me.CONCLUSION JustDial faces intense competition in the internet business. A significant proportion of Just Dial’s ratings and reviews on its portal appear to us of poor quality in terms of utility that can support a loyal following. Competitors. do not enjoy the same brand recall as Just Dial. Just dial enjoys an almost monopolistic position in the voice search business. to attract repeat visitors 35 | P a g e . This makes it unlikely for its website to be able to build a similar community presence. Websites such asZomato have been able to create online communities that prompt users to visit regularly and maintain mindshare. whilst available over voice. Zomato also attracts direct visits rather than through search engines. as seen in popular Indian review sites such as Tomato and burrp. jusdial.crisil.com 36 | P a g e .com www.com www.REFERENCES www.indiatimes.economictimes.com www.moneycontrol.