Investments, News

Baidu in Talks to Invest in Mydala

After Alibaba and Tencent, it is Baidu which is looking forward to enter the Indian market. It is reportedly in talks to acquire a majority stake in deals and discounts aggregator, As per sources, Kinobeo Software, which owns and runs Mydala, is seeking a valuation of $150-200 million.

Further, the sources also maintained that Malaysian sovereign fund Khazanah Nasional Berhad is also looking forward to a majority stake in Mydala. However, neither Mydala nor Baidu released any official statement on the matter.

Currently, Info Edge owns about 44% of Mydala and most of the remaining ownership lies with the founders – Anisha Singh, Arjun Basu and Ashish Bhatnagar, and employees of the six year-old company. Ajay Relan and Jayanta Basu, founding partners of private equity firm CX Partners, have also invested in Mydala in their personal capacities.

The three aforementioned Chinese companies have emerged as the biz and tech titans of the East standing on the ways of players like Amazon and Google in the global market.

Baidu, which trades on US stock exchange Nasdaq, has a market capitalisation of $69.2 billion. Recently made Chief Financial Officer Jennifer Lee stated that  the two emerging economies have “a lot of characteristics that mimic China’s development”, thereby making its plans of investing in India and Indonesia quite evident.

In September, Mingyuan Li, Vice President of Baidu Inc., at GMIC Bangalore, revealed that the company is planning to bolster support for its mobile products in India with a recently opened New Delhi office, and by seeking more partnerships and investment opportunities. Regardless of how this deal goes through, one can expect more such investments being made by Baidu in India.


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