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Info Edge denies Mydala acquisition by Chinese search engine Baidu

Info Edge, which backs coupon site Mydala pare has denied that Baidu, the Chinese search engine, is set to acquire the couponing company. ET had reported that Baidu was looking to buy Mydala for $100 million on 10 November. However, Info Edge said that it is not in any discussions with Baidu for the same. The ET report cited a Baidu official as saying that the company plans to invest in or acquire companies that will strengthen its position and that it plans to be in India for the long term. According to the report, Baidu has 45 million aggregate monthly active users from India. Mydala, along with Info Edge’s associate companies Policybazaar, Canvera and Happily Unmarried reported operating revenues of Rs 211.75 crore for 2014-15, up 51.4% from Rs 139.86 crore in 2013-14. The associate companies reported an EBIDTA loss of Rs 74.52 crore for FY15, up 61.5% from Rs 46.15 crore EBIDTA loss in FY14. Info Edge has invested Rs 27 crore in Mydala till date, including Rs 18 crore in October 2011 and Rs 9 crore in April 2011 and currently owns about 44% in the company. IRCTC partnership: In May this year, the Indian Railway Catering and Tourism Corporation (IRCTC) partnered with Mydala to offer deals and offers across categories like food & beverages, beauty, health & wellness, tattoos & retail shopping to its customers. Users would be able to make use of the deals while booking train tickets. Airtel partnership for recharge deals: Earlier this year, the company…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

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

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