New Delhi : Info Edge, one of the largest internet companies in India, has committed to invest Rs.90 million in Kinobeo Software Pvt Ltd, which runs mydala.com, India’s first and largest social commerce/group buying portal that offers unbeatable deals on the best stuff to do, eat, see, and buy in major cities across the country.
This is the sixth investment as part of the Info Edge strategy to invest in internet start-ups. Mydala.com plans to use this investment on customer acquisition, expanding operations and widening its geographical reach.
Sanjeev Bhikchandani, Founder and Executive Vice Chairman, Info Edge India commented, “As a part of our long term strategy to create further value for our shareholders, our recent investment in mydala.com will be our sixth one so far. With disposable incomes on the rise, online deal sites have now emerged as a platform for users to avail products and services at huge discounts. We are happy to invest in mydala.com, which pioneered the social commerce/group buying concept in India and is a leader in this rapidly growing space. They have shown an innate ability to innovate and lead the industry in bringing together merchants and their target customers. The space in which they are operating holds tremendous potential as a vastly scalable business.”
Anisha Singh, Founder and CEO, mydala.com, said, “Our mission in pioneering this social commerce concept in India has always been to constantly innovate and enable the best experience for both our users as well as merchant partners. We are extremely happy to have the support of Info Edge and their vastly experienced team as we take our business to the next level of growth. Innovation, customer service and client relationships are our mantra, and we are happy to be invested in by a company with similar beliefs”.
Apart from mydala.com, Info Edge has also made strategic investments in policybazaar.com, meritnation.com, Zomato.com and Nogle Technologies. It had earlier invested in Studyplaces.com which it has exited.