Saturday, April 15, 2017

Myly raised $310K funding from SIDBI

Mobile-based education startup Myly has raised $310K (Rs 2 crore) funding from Small Industries Development Bank of India. Myly parent company EduCommerce Technologies Pvt Ltd founder Gaurav Mundra said, the funding will be used to scale up the business and achieve profitability.

Previously the company had raised $100,000 in a seed round from Newbie Promoter Pvt Ltd in jan 2016 and also raised an undisclosed amount in October 2016.

Also read: Google enters into food ordering and home services with Areo app

EduCommerce was founded in September 2014 by Mundra and Madhup Bansal. The Myly app, which went live in March 2015, is a cloud-based mobile solution that allows educational institutions to communicate with students as well as their parents on homework, attendance, grades and events, besides enabling transactions, including tuition fee, activity fee and event registration.

The platform is currently operational in India. The company plans to expand its services to other Asian and African countries over the next two years. It claims to have 575 institutions on its platform and 200,000 registered students.



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