Myly, an Indian edu-tech startup has announced it securing $100K seed funding from Newbie Promoter Private Limited.
Founded in 2014 by Madhup Bansal and Gaurav Mundra, 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 and organizing institution data along with a comprehensive analytics dashboard. The solution offered by the startup is easy, scalable and economical for the institutions.
With the fresh funds, Myly plans to expand its presence in the market and increase measure to acquire more customers. It is also said, the company is working to raise extra $1.2 million later this year. With 120 schools and 30,000 students on board, it is looking forward to reach 1000 schools by the end of the current financial year. It has aggressive expansion plans to capture 10% of total schools and colleges in Tier-1 and Tier-2 cities within one year.
The ultimate goal of Myly is to empower educators, students and parents to help them connect, engage and learn over a single mobile platform. About the future plans Mundra 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. This capital gives us additional resources to expand quickly and strategically into the education market in India, innovate rapidly, and deliver on our vision.”