Y Combinator-Backed MyScoot Raises $1.7 Mn Funding From Lightspeed

SUMMARY

Venture Highway, Mayfield India also participated in the seed funding round

Kunal Shah of CRED and Maninder Gulati of OYO also invested

The funds will be used to hire core team and top talent

Gurugram-based events marketplace MyScoot has closed $1.7 Mn (INR 11.7 Cr) seed funding round. The investments have come in from venture capitalists such as Lightspeed India Partners, Venture Highway, and Mayfield India with participation of angel investors such as Kunal Shah of CRED and Maninder Gulati of OYO.

The funds will be used to hire core team, recruit tech talent and penetrate deeper into the markets where it has a presence. The funding will help MyScoot build AI-based social experience recommendations, develop safeguards, and establish a stronghold in their already active Delhi and Bengaluru market.

MyScoot was the part of Y Combinator’s (YC) 2019 winter batch of startups and raised $150K as part of the programme. Founded in 2017 by Somvir Yadav, Suyash Sinha, Akhil Tripathi and Sidharth Rawat, it is an event marketplace for people hosting house parties or those looking to discover them.

The founders explain the MyScoot model is similar to AirBnb model, where users are able to host or book parties after completing a five-step verification process. The host sets the price point for each party, and earns money as guests pay MyScoot to be part of these parties.

Suyash Sinha, CEO and cofounder, MyScoot said, “We’re excited to have such seasoned investors and experts support the MyScoot mission – to make real connections in today’s digital, online world.”

The founders believe that MyScoot is a uniquely Indian solution to a uniquely Indian problem – highly digital youth, disconnected in a digital world. It can be hard to make meaningful connections in a city where one has no previous network. They believe that loneliness is on the rise with millennials on the move, following work opportunities across cities and countries.

A research study by Omidyar found that 23% of Indian students log into social media platforms for more than 8 hours daily due to low-battery anxiety, nomophobia, and FOMO. With increasingly hectic work lives, millennials love to explore offbeat experiences.

The global e-discovery market is expected to reach $14 Bn at a CAGR of 15% by 2020. Airbnb, for instance, introduced its new platform ‘Trips’ in India. which enables visitors to experience the city they are travelling to in a different light by mingling with the locals. Headout is another managed marketplace helping travellers and locals access curated, high-quality local experiences available at the last-minute.