Info Edge (India) Ltd has invested Rs.9 Cr in New Delhi-based Kinobeo Software Private Limited, which runs group buying portal, mydala.com. mydala will use the funds to increase its user-base. Last year, mydala had raised Rs.1.1 Cr in angel funding from Ajay Relan and Jayanta Basu,
mydala is a Delhi-based startup, founded by Anisha Singh and Arjun Basu and launched in November 2009. It currently employs 25 people in its Delhi office. mydala is a platform which gets you great deals in your city leveraging the “power of group buying”. It currently offers deals in 9 cities including New Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad and Chandigarh.
mydala brings the power of group bargain to the users. The site brings offers from restaurants, saloons, spas, retail outlets, etc. at 40-95% discount. The discount is only valid if they manage to sell a certain quantity within a certain time. The user is charged only when the threshold quantity is reached, else all the orders remain canceled.
How does MyDala work?
The daily deal at mydala starts at 12pm and lasts 24- 48 hours. If you are intrested in a product you just go for it. If that product reaches the number of count that is required for the price set, you would get a printable gift voucher sent via email to your e-mail account.
Voucher needs to be used within the expiry date. And if the minimum number of customers don’t buy the deal, the deal stands cancel. Don’t get afraid. The charges get reversed. mydala accepts MasterCard and Visa credit cards, all debit cards, IVR, NetBanking, Itz Cash Card, Cash on Delivery (in certain cities).
The other funded players in this space are Snapdeal and Taggle and also recently the global giants Groupon and Ebay entered the space with the acquisition of sosasta making it a tough market. Group buying is still a new concept in India and many people are not aware about it.
Do you think the market has potential for four players to succeed? Let us know.