Just Dial appoints ex-Flipkart executive as new CEO
Just Dial is handing control to a new professional management team to accelerate its B2B and AI strategy, a move investors hope will reverse the Indian local search platform's severe valuation discount.
Just Dial is replacing its founder at the helm, appointing Dinkar Ayilavarapu as chief executive starting August 1. Ayilavarapu previously served as the head of Flipkart Wholesale. VSS Mani, the company's founder and current managing director, is stepping down from the top post. Dinesh Taluja, a former director at the company, will take over as chief financial officer.
The leadership change arrives as the company struggles with a steep stock market discount. Excluding a recent share price surge, Just Dial’s stock has dropped 40% over the past 12 months. Its price-to-earnings multiple has collapsed to roughly 10, a sharp fall from a historical average exceeding 30.
This valuation compression contrasts with the operational growth achieved since Reliance Retail acquired a controlling stake in July 2021 for ₹5,710 crore. In the five years since that takeover, revenue has grown at a compound annual growth rate of 13% to reach ₹1,213 crore. Net profit expanded at a 19% CAGR to ₹497 crore.
The platform's enterprise footprint has also expanded significantly under Reliance's ownership. Active enterprise listings stood at around 30 million when the acquisition was finalized. By the end of the June 2026 quarter, that figure had surged past 56 million.
Despite these operational gains, the market has priced in a limited scope for future growth. The transition to professional management is designed to counter this narrative. Ayilavarapu is expected to leverage his wholesale e-commerce experience to deepen Just Dial’s presence in the business-to-business segment, specifically by increasing participation among small and medium enterprises.
Execution risks remain
The incoming executive team will also be tasked with scaling artificial intelligence-led solutions across the platform. Market observers expect this strategic pivot to trigger a short-term valuation rerating for the stock. However, sustaining a higher multiple will depend entirely on the new management's ability to execute these B2B and AI initiatives efficiently over the long term.
