EduCommerce Technologies owned Jaipur-based Myly app which was founded in 2014 by Madhup Bansal and Gaurav Mundra, has raised $100K in a seed round of funding from Newbie Promoter Private Limited. The raised funding will be used towards customer acquisition. The startup is also looking to raise an additional $1.2 million later this year in order to expand its presence.
Myly is a cloud based app for communication and transaction between schools and parents bringing convenience in exchanging information, communicating and transacting in a secure environment. It helps in managing institution data along with a comprehensive analytics dashboard.
The startup claims that it fulfils the institutions’ need for an easy, scalable and economical solution, which is future-proof and can integrate with upcoming technologies.
Commenting on the development, Gaurav Mundra, Co-Founder & CEO 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.”
The startup claims to have 120 schools and 30,000 students currently on board, and is looking to reach 1,000 schools by the end of the current financial year. It has also tied up with Noida-based Paytm, in order to help customers transact on its platform.