Info Edge to invest Rs 9 cr in mydala.Com

Kinobeo Software, which runs e-commerce site mydala.Com, today said it will received investment of Rs nine crore from Info Edge, which runs recruitment portal Naukri.Com.

The funds will be used to expand operations and widening geographical reach as well as customer acquisition, Kinobeo Software said in a statement.

Mydala.Com is a social commerce and group buying portal that offers deals on restaurants and shopping.

This is the sixth investment as part of the Info Edge strategy to invest in internet start-ups.

"As a part of our long-term strategy to create further value for our shareholders, our recent investment in mydala.Com will be our sixth one so far. The space in which they are operating holds tremendous potential as a vastly scalable business," Sanjeev Bhikchandani, Founder and Executive Vice Chairman, Info Edge India said.

Apart from mydala.Com, Info Edge has made investments in policybazaar.Com, meritnation.Com, Zomato.Com and Nogle Technologies. It had earlier invested in Studyplaces.Com which it has exited.