Info Edge Invests INR 180 Million in MyDala
Info Edge has informed BSE that the Company propose to invest an additional amount of Rs. 180 million (~USD 3.6 mn) through optionally convertible cumulative redeemable preference shares in Kinobeo Software Private Limited (i.e. www.mydala.com). The Company had committed Rs. 90 million ($2mn) in the first round of funding in April 2011.
NCR based MyDala earlier raised seed money ($250K) from PE veterans Ajay Relan and Jayant Basu. The group buying site boasts of more than 3 million subscribers (and more than 250, 000 visitors every day).
Recommended List: List of group buying sites in India.
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