Info Edge-backed Mydala operates in 200 cities and claims it sells about 220,000 deals everyday
Chinese Internet giant Baidu is in talks to buy a majority stake in Delhi-based Kinobeao Software, the company behind online deals and coupons platform Mydala, for $100 million, The Economic Times reported, quoting unnamed sources.
While both companies declined to comment on the development, a Baidu spokesperson told ET: “Of course, strategic investments or M&As that will help us round out our local user base and form a solid foundation for our products are a definite possibility in the future. We absolutely plan to be in India for the long term.”
As per this report, Malaysian sovereign fund Khazanah Nasional Berhad is also looking to invest in Mydala. Khazanah recently invested in Indian fashion e-tailer YepMe and lingerie e-tailer Zivame.
Founded in 2009 by Anisha Singh, Arjun Basu and Ashish Bhatnagar, Mydala is not just a coupons venture but is a marketing platform for SMBs (restaurants, spas, salons, etc.) as well. Till date, the company has raised INR 28 crore (US$4.5 million), most of which has come from Info Edge (owner of Naukri and 99acres).
In an interaction with e27 in April this year, Singh said that the firm is operational in 200 cities and sells about 220,000 deals every day, of which 50 per cent comes from smaller cities and towns. The firm has partnered with 150,000 merchants across these cities.
According to Basu, Mydala did about $6 million in net revenue and $800,000 in profit in FY 2013-14, and saw over 125 percent increase in sales.
Incorporated in 2000, Baidu is the largest search engine in China and has a market capitalization of $69.2 billion. Its other services include Baidu Baike, an online, collaboratively-built encyclopedia, and a searchable, keyword-based discussion forum.
This post was originally published on e27.