Funding story
Ed-tech startups continue to make notch up impressive gains in India. Jaipur-based Ed tech startup EduCommerce Technologies, which owns the mobile educommerce app Myly, recently succeeded in raising seed funding worth $100,000 from a number of investors. Foremost among these was Newbie Promoter Private Ltd.
About Myly, and its future plans
The startup was founded in 2014, and is expected to use the raised funding for a number of processes, foremost among these being general expansion, as well as in technological upgradation. Plans are afoot to raise a cumulative amount of Rs.8 crore in funding by the end of the year. Attempts are also being made to obtain an international toehold, with operations in the rest of Asia, the ME and Africa likely to commence from 2016-17 onwards. Gaurav Mundra, co-founder and CEO of EduCommerce, has mentioned such detailed and well-crafted expansion programmes in his reports to journalists. The company currently is currently involved with 120 schools and over 30,000 students. By the end of the current financial year, Myly, through the excellent EduCommerce network, is expected to have tied up with as many as 1,000 schools. Madhup Bansal, CEO of Myly, is optimistic of the app’s prospects, given recent developments.
Myly itself is a cloud-based mobile-only platform which allows for the simplification of many processes involved in education. These include easier communication and financial transactions. Meanwhile, students can also message each other, as well as their teachers, through this app. Otherwise complicated procedures such as homework, images and attendance can be taken care of easily via a simple, one-solution-fits-all platform. Moreover, in order to make fees payment easily, Myly has allowed for the complete integration of its services with Paytm. Gone are the days when fees payment would involve complicated procedures and the hectic checking of deadlines!!! Myly makes every education-related process fun, enjoyable and effortless.
Conclusion
Among other ed tech startups which have raised funding recently are Smartivity and Springboard(previously called SlideRule). However, Myly’s adherence to quality standards is certain to keep it a step ahead of the rest.
