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Jaipur-based Myly, a cloud based app for communication and transaction between schools and parents, has raised $100K (about INR 67 lakh) in a seed round funding from Newbie Promoter Private Limited.
EduCommerce Technologies owned Myly app was founded in 2014 by Madhup Bansal and Gaurav Mundra. Myly provides mobile app solution for schools, colleges and coaching institutes. With its mobile technology core, the company looks to bridge the digital divide between the institution and parents by bringing convenience in exchanging information, communicating and transacting in a secure environment.
The company will use the raised funds predominantly towards customer acquisition. Besides, the startup’s founders are also looking to raise an additional $1.2 Mn later this year in order to expand its presence, reported ET.
Gaurav Mundra, co-founder & chief executive of EduCommerce Technologies said, “Currently the target market is India, with a focus on schools, colleges, coaching centres and hobby classes. We are planning to expand to the rest of Asia, Middle East and African markets in 2016-17.”
Currently, the company claims to have 120 schools and 30,000 students on board. It is now planning to reach 1,000 schools by the end of the current financial year. “We plan on aggressively expanding to capture 10% of total schools and colleges based in tier-1 and tier-2 cities within the next one year,” Bansal said.
Apart from this, the startup has also tied up with Noida-based mobile goods and services platform, Paytm, in order to help customers transact on its platform.
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