Biography of VSS Mani: Founder of Just Dial - Indian Entrepreneur
Biography of VSS Mani:
VSS Mani's journey with Just Dial is a remarkable tale of
persistence, innovation, and timing. Here’s a closer look at how he navigated
the challenges and opportunities of the evolving tech landscape in India.
The Early Days
In 1996, VSS Mani founded Just Dial in Mumbai with a modest
setup and seed capital of INR 50,000. His vision was to create a comprehensive
local search service for businesses, available through phone, SMS, and
eventually the web and mobile apps. The company's growth was gradual but
steady, reflecting the increasing demand for online and offline business
directories.
The Birth of Just Dial
In 1994, Mani moved to Mumbai and launched a publication
called Wedding Planner, distributed by the Times of India. While this venture
was short-lived, it marked a turning point, leading Mani to re-engage with his
original idea. By 1995, he rebranded his concept as Just Dial, leveraging the
evolving internet infrastructure to offer a more robust directory service.
Founding Just Dial
In 1996, VSS Mani founded Just Dial in Mumbai with a vision
to revolutionize the way people connect with local businesses. The early days
were modest, with Mani starting the company in a small garage furnished with
borrowed furniture and rented computers. With an initial seed capital of just
INR 50,000 (around US$750), Mani embarked on a journey to create a comprehensive
business directory accessible via phone, SMS, website, and eventually a mobile
app. His innovative approach aimed to provide an easy and efficient way for
consumers to find local services and businesses.
Growth and Development
Just Dial began as a small venture but quickly grew into a major player in the business directory space. Over the years, the company expanded its offerings and improved its services, leveraging technology to enhance user experience. By providing classified listings for small businesses, Just Dial made it easier for consumers to access and discover local services. The company’s growth was fueled by its ability to adapt and innovate, positioning itself as a leader in the online directory market.
The Dotcom Boom and Missed Opportunities
By 1999, the dotcom boom was in full swing, and many tech
startups were riding high on investor enthusiasm. Mani recalls a notable moment
when an Indian entrepreneur with a successful NASDAQ-listed company approached
him with an offer involving dotcom stocks. Despite the allure of rapidly
increasing stock values, Mani was cautious and preferred cash over stocks. His
prudence paid off when he eventually received $2.5 million in investment,
significantly more than the initial valuation of his company.
Revisiting the Internet
In 2004, Mani attempted to revive the online platform but
faced similar issues with monetization and client reluctance to pay for web
listings. By 2007, with a decade of waiting and observing the internet
landscape, Just Dial reintroduced its website. At that time, internet
penetration was still low, and personal computers were expensive. Mani faced
the challenge of convincing clients to pay for online services, as many were
still accustomed to voice services.
Biography of VSS Mani: Founder of Just Dial - Indian Entrepreneur/ Startup/ Investor/evolving internet infrastructure/Success story VSS Mani/Story Just
Growth and Success
Just Dial's growth trajectory has been impressive. By 2015,
the company had achieved a market capitalization of ₹7,600 crore, with Mani and
his family holding a significant equity stake. Just Dial had expanded its
services to include over 15 million listings and employed over 10,000 people.
The company’s revenue reached ₹590 crore, with a profit of ₹139 crore,
reflecting its successful transition from a small startup to a publicly listed
enterprise.
Reflections on the Internet Boom
Mani’s reflections on the internet boom highlight a critical
perspective on the realities of entrepreneurship. He emphasizes that while the
internet era has introduced glamour and high valuations, success in business
requires more than just capital. It involves hard work, strategic planning, and
a realistic approach to growth and scalability. Mani’s experience serves as a
reminder that the path to success is often paved with perseverance and careful
decision-making.
Public Listing and Valuation
In a significant milestone, Just Dial went public and was
listed on the Bombay Stock Exchange. This move marked a major achievement for
the company, which was now valued at just under US$1 billion. The initial
public offering (IPO) was a testament to Just Dial’s success and growth,
reflecting its strong market presence and financial stability. The company's
ability to attract investment and achieve a high valuation highlighted its
impact and relevance in the industry.
Funding and Investors
Just Dial’s journey was supported by significant investments
from key players in the venture capital world. The company raised US$103.2
million in funding from notable investors including SAIF Partners, Tiger
Global, SAP Ventures, and public shareholders. This financial backing played a
crucial role in the company’s expansion and development, enabling it to enhance
its services and scale its operations effectively.
Current Status and Achievements
Today, Just Dial is a household name in India, boasting over
15 million listings and employing approximately 9,000 people. The company’s
success is a reflection of its ability to meet the needs of both businesses and
consumers through its innovative platform. Just Dial continues to thrive as a
leading business directory service, underscoring VSS Mani’s vision and the
company’s enduring impact on the local services industry.
Legacy and Impact
VSS Mani’s journey from starting Just Dial with minimal
resources to leading a billion-dollar company illustrates the impact of vision,
resilience, and adaptability. His story is a testament to the opportunities and
challenges of the tech and startup landscape in India, and his achievements
continue to inspire aspiring entrepreneurs.
Mani’s narrative, enriched with insights and experiences,
offers valuable lessons on navigating the complex world of business and
technology, making him a prominent figure in India’s entrepreneurial history.
Timeline for VSS Mani
1994: Launched Wedding Planner, a publication distributed by
the Times of India.
1995: Rebranded his concept as Just Dial, leveraging
evolving internet infrastructure.
1996: Founded Just Dial in Mumbai with seed capital of INR
50,000.
1999: Faced the dotcom boom and declined an offer for dotcom
stocks, opting for cash investment.
2004: Attempted to revive the online platform; faced
challenges with monetization and client reluctance.
2007: Reintroduced Just Dial’s website with increased
internet penetration.
2015: Achieved a market capitalization of ₹7,600 crore;
expanded to 15 million listings and had over 10,000 employees.
IPO: Just Dial went public, valued at nearly US$1 billion.
Funding: Raised US$103.2 million from investors including
SAIF Partners, Tiger Global, SAP Ventures.
Current Status: Just Dial remains a leading business
directory service in India, with over 15 million listings and approximately
9,000 employees.
