Two separate entities have approached Delhi-based coupon and discount marketing platform Mydala.com to invest up to $80 million, two people directly familiar with the development said.

“The firm has been looking to raise capital since last year and has managed to receive two term sheets—one from a Chinese hedge fund and another from a large private equity fund who has invested in a similar space in China," said the first person mentioned above.

Mint could not independently ascertain the name of the funds. “The deal will take another 45 days or so to finalize as the evaluations are still on," the person said. A spokesperson for Mydala.com said the company’s founders are travelling and could not be reached for comment.

“Its existing investor, the Sanjeev Bikhchandani-led Info Edge (India) Ltd, will also participate during the round. Last year, the firm had raised around $2 million as bridge funding from a clutch of individuals and a boutique investment banking firm," said the second person mentioned above. Repeated calls and text messages sent to Bikhchandani went unanswered.

In 2011, Info Edge invested in the firm and owns significant minority stake in the company. According to data available from the Registrar of Companies (RoC), it owns preference shares in the firm to the tune of more than one lakh shares.

“The pre-money valuation of the firm is nearly $200 million and the money is being raised for marketing and sales purposes, expansion of their merchant network and entering other cities," said the second person, who did not wish to be identified as he is not authorized to speak on the transaction.

The firm, launched in 2009, provides deals and offers on restaurants, grocery, entertainment, travel, body-art, spas and salons, gyms and other categories.

According to the company’s website, it has more than one lakh merchants and a 200-million monthly user reach. It was founded by Anisha Singh, Arjun Basu and Ashish Bhatnagar.

In 2010, Ajay Relan and Jayanta Basu, founding partners of private equity fund CX Partners, personally invested in the firm along with two more investors, and they both remain invested, according to RoC data.

Mydala is owned by Kinobeo Software Pvt. Ltd, which incurred losses of 5.94 crore for the year ending March 2014 as compared to a loss of 9.91 crore in the year-ago period, as per RoC data. The company’s losses have come down in the past three years.

According to data by CB Insights, a venture capital database backed by the National Science Foundation, Indian start-up companies managed to raise $1.35 billion during the first quarter (Q1) of 2015, up 223% from the same period last year, when start-ups and e-commerce companies managed to raise $418 million while closing 43 transactions.

The number of deals reached their highest point since 2013 in January-March 2015, growing 60% as compared to Q12014. Total investment in Indian tech start-ups has remained above $1 billion for three quarters now. The largest transaction concluded this year includes venture capital fund SAIF Partners’ investment along with Alibaba Group Holding Ltd of $575 million in One97 Communications Ltd, which owns Paytm.

“The fundraising environment is quite healthy and the whole e-commerce and e-commerce services space has been raising capital at a healthy run rate since September last year. We are even witnessing that traditional family offices and sovereign funds that had earlier shied away from investing in this space are also looking at investing in the country," said Sanjeev Krishan, partner and leader for private equity and transaction services at PricewaterhouseCoopers Pvt. Ltd.

Ashish Rukhaiyar contributed to this story.

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