Myly, a Jaipur-based ed-tech startup that enables integration of multiple 'value added technology solutions' for institutions, has today announced raising of a $100K seed round from Newbie Promoter Private Limited.
The fund will be utilized by the company for the efforts of customer acquisition and expand its presence. The company is going to raise additional $1.2 million later this year.
Myly was founded around sixteen months ago and started its operations in March 2014. It is a cloud based communication and transaction platform for institutions. It enables integration of multiple 'value added technology solutions' for institutions.
The app, with its mobile technology, claims that it bridges the digital divide between the institution and parents by bringing convenience in exchanging information, communicating and transacting in a secure environment.
Currently, it claims to have 120 schools and 30,000 students on board. It is looking to reach 1,000 schools by the end of the current financial year. The company, which was founded by Madhup Bansal and Gaurav Mundra, currently has a team of 20 people working as full-timers.
The company provides mobile application solution for schools, colleges and coaching institutes to enable communication, which includes, messages, attendance, homework, and images, financial transactions and a learning platform for students.
The goal of the startup is to empower educators, students and parents, to help them connect, engage and learn over a single mobile platform. It is planning to aggressively expand to capture 10 percent of total schools and colleges in Tier-1 and Tier-2 cities within one year.
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. This capital gives us additional resources to expand quickly and strategically into the education market in India, innovate rapidly, and deliver on our vision.