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JDMart could become the growth engine for Just Dial, likely supported by synergies from the Reliance deal, UBS said in a report.

The report said that Just Dial has developed a superior platform against the backdrop of an interactive user interface along with robust depth and breadth of B2B product offerings.

"Our analysis suggests around 80-85 per cent of Leader's top-100 sellers/listings across 100 randomly chosen product/categories are present on JDMart and many have detailed product information, suggesting listings of superior quality. Besides its product portfolio, user engagement and monetisation may follow in coming months, supported by aggressive advertising and a salesforce ramp-up over the near to medium term," it said.

The JDMart platform has meaningful depth (30mn products) and breadth (around 6mn B2B listings) across various categories. The company ran a JDMart campaign with IPL 2021 (spend of Rs 0.5bn) before it got postponed.

"We believe the market is not pricing in JUST's ability to monetise its B2B platform and become a meaningful company within the B2B platform segment," UBS said.

"With RRVL at the helm and a large cash balance, we envisage multiple potential scenarios that could play out, such as: 1) aggressive advertising campaigns around both B2C and B2B categories to challenge the respective leaders; 2) enabling B2B e-commerce on JDMart to compete against likes of Udaan, Moglix, etc; 3) leveraging JD Omni (inventory, billing and accounting solutions for small businesses) on JioMart Kirana.

"While we do not yet know Reliance's plans for Just Dial, we believe it is unlikely to run the company without making changes. We anticipate some aggression and possible disruption in the B2C/B2B discovery/e-commerce space," UBS said.