Mycity4kids, an India online marketplace and community for parents, has announced it raising $3 million in Series A round of funding led by SIDBI Venture Capital, the VC arm of the Small Industries Development Bank of India and Gurgaon-based YourNestAngelFund.
Founded in 2014, mycity4kids is an online marketplace where parents can look for information related to kids services, look for recommendations and book services through online or opt for cash-on-delivery. In just a year and few months, it claims to have a million parents viewing its website every month, 2.5 million page views, 700 bloggers and 75,000 service providers listed across nine cities in the country that includes Bangalore, Mumbai, Pune, Hyderabad and Chennai.
With the fresh funds raised, mycityforkids plans to invest in building a mobile platform for mothers. In the next 18 months, the company is aiming to have five million mothers use it every day. It is also targeting to break even in operation cost in the next one year.
CEO of the company, Vishal Gupta said, “Our expansion plans are geared towards becoming a daily-use product for every mum. You will see several mobile-led initiatives in that direction, starting with the recent launch of the mycity4kids Family Organiser app.” The app is expected to have a shareable calendar which can be viewed by mother and child and a to-do list.
Sunil Goyal, CEO of YourNest Angel Fund said, “The size and value of the Mum demographic is what made us invest in mycity4kids three years back and we’re excited by their plans to become indispensable for every Mum.”
Mahendra Lodha, VP and Company Secretary of SIDBI Venture Capital said, “The company has managed to achieve leadership status in this segment with limited resources and the team has demonstrated its belief through sheer persistence over the last 3 years. With the latest round of funding, they can build a financially viable model which we’re delighted to be a part of.”