Jaipur based, EduCommerce Technologies, which owns and operates mobile app Myly, has raised seed funding of $100,000 (about Rs 67 lakh) from Newbie Promoter Private Limited.
The funding will be used towards customer acquisition and expansion of presence. The founders plans raise another $1.2 million funding in future and expanding its operations to rest of Asia, Middle East and African countries by 2016-17.
Myly was founded by Gaurav Mundra and Madhup Bansal in 2015. Mundra was chief operating officer at Jaipur-based Truworth Group, and has also worked with Tata Consultancy Services and Cadence. Bansal had previously worked with consultancy giant McKinsey and autos-to-IT conglomerate, Mahindra Group.
The startup focuses as a leaning platform for students and helps them connect to educators and parents over a single platform. The company claims to have 120 schools and 30,000 students currently on board and aims to reach 1,000 schools by the end of the current financial year. It currently has employee strength of 20.
“Myly’s goal is to empower educators, students and parents, to help them connect, engage and learn over a single mobile platform. This capital gives us additional resources to expand quickly and strategically into the education market in India, innovate rapidly, and deliver on our vision,”
Myly has tied up with Paytm, to enable customers transact on its platform.