Kinobeo Software, which owns and runs Mydala, is seeking a valuation of USD 150-200 million, iamwire.com reports. Further, Malaysian sovereign fund Khazanah Nasional Berhad is allegedly looking forward to a majority stake in Mydala, also. However, neither Mydala nor Baidu released any official statement on the matter, the source cites.
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.
Baidu, which trades on US stock exchange Nasdaq, has a market capitalisation of USD 69.2 billion. 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, 2015, Mingyuan Li, Vice President of Baidu Inc., at GMIC Bangalore, revealed that the company is planning to support its mobile products in India with a recently opened New Delhi office, and by seeking more partnerships and investment opportunities.
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