Running a group-buying site is a million-dollar business – atleast as far as the funding process is concerned. If you’re thinking of starting an e-commerce site of the scale of SnapDeal, Flipkart, or Infibeam – you cannot think below millions when it comes to the moolah being invested. That estimate of mine was reconfirmed when I came to know that India’s second ranked group-buying site MyDala.com has raised Rs 18 crores or $ 3.6 Million from Info Edge.
MyDala had also received an initial funding of Rs 9 Crores or $ 1.8 Million from Info Edge and Rs 1.1 Crores or $ 250,000 from the founders at CX Partners. For those who are unaware, Info Edge is the investment arm of MakeMyTrip.com
Here are some more points worth knowing about MyDala:
- It has its own BlackBerry app where customers can not only browse through the deals but also pay for them using the in-app payment options.
- The company was founded by a lady – Anisha Singh.
- It surpassed 3 million subscribers in the month of July. Then, the company had around 60 employees.
The deals site also claims to be the first deals site in India. While we cannot confirm this, we can tell you that MyDala has been amongst the top three group-buying sites. Here’s a small graph:
The funding received will definitely help MyDala scale its operations. After all, it is not just a website which is important when you’re running a group-buying platform. You need to have employees handling HR, customer satisfaction, sales and much more. If you don’t have money to pay them, you just cannot aim to compete with the biggies.
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