Citing Mydala CEO Anisha Singh, the report also adds that the company is looking to expand its operations in India from existing 145 cities to 250 cities and is looking to double its headcount to 600 employees by end of 2013. While Singh didn’t disclose the current revenues of the company, she claimed that they broke even in April 2013 and they hope to cross a net revenue of Rs 100 crore this year. We have contacted Mydala for more details on this and will update the story once we get a response.
Funding: Launched in November 2009, Mydala has raised around Rs 28 crore investment from Info Edge and angel investors like Ajay Relan and Jayanta Basu of CX Partners until now. It had raised Rs 18 crore (around $3.7 million) from Info Edge in October 2011, Rs 9 crore ($2 million) from Info Edge in April 2011 and $250,000 angel funding from Ajay Relan and Jayanta Basu in November 2010.
Mydala currently offers coupons across various categories like restaurants, health & beauty and travel. It also has a product section through which it offers product deals across various categories like electronics, books, mobile phones, lifestyle, apparel, and appliances among others. However, do note that the company doesn’t hold any inventory of these products and acts more like a deals marketplace. The company claims to offer deals from more than 100,000 merchants in India and claims to have 200 million registered users across 145 cities.
Mydala provides these coupons through its website, WAP site and mobile apps on iOS, Android and BlackBerry app. The company also has tie-ups with telcos like Vodafone, Idea Cellular and more recently Tata Docomo to offer deals to their respective subscribers. Last month, Info Edge CFO Ambarish Raghuvanshi had informed that these telco partnerships had accounted for a significant revenue growth for the past 12 months.