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Updated: Group Buying Site MyDala Raises $2M From Info Edge; Launching Version 2

Group Buying site MyDala.com has raised Rs. 9 crore ($2 million) from Info Edge. Speaking with MediaNama, MyDala CEO Anisha Singh said that the company will use the funds towards expanding its user base. This is a Series A round for the company, following a previous investment of $250,000 from Ajay Relan and Jayanta Basu of CX Partners, in their individual capacity. MyDala is claiming almost a million users - which is a sharp rise from the 200,000 reported in November 2010. Update: According to Singh, MyDala has sold over 300,000 vouchers and offered customers savings totalling to over Rs.3.5 crore. In terms of marketing costs, their cost per acquired user is Rs. 45. While MyDala (rather, Kinobeo Software Private Limited) is four years old, it began operations only by September 2009. According to its directors report for the year ended March 31st 2010, it reported total income of Rs. 1.81 lakh, expenditure of Rs. 70.47 lakh, and a loss of Rs. 68.66 lakh; remember that this is only for around seven months of operations, so it isn't really indicative of how the company has performed since. Unlike a discount coupons site, MyDala is a group buying site more on the lines of GroupOn. For group buying sites, deals get activated only after deals reach a number of buy-in's from users. All in all, there has been a flurry of activity in funding the e-commerce space in India. New Site Planned Group Buying and Daily Deals sites are known to…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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