Jaipur-based EduCommerce Technologies Pvt Ltd, which runs mobile-based education startup Myly, has raised about Rs 2 crore ($310,226) from Small Industries Development Bank of India.
The funding under the Startup Mitra scheme will see money coming in across multiple tranches, Myly co-founder Gaurav Mundra told VCCircle. The deal was struck in the first week of April.
This is Myly’s third round of funding. In January 2016, it had raised $100,000 in a seed round from Newbie Promoter Pvt Ltd. Subsequently, Newbie had pumped in an undisclosed amount in October 2016.
“The fresh capital will be used to scale up the business and achieve profitability,” Mundra added.
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, among others.
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.
Before launching EduCommerce, Mundra was the COO of online wellness company Truworth Health Technologies. He also had stints in TCS and Cadence.
An IIT-Delhi graduate, Bansal had earlier worked with McKinsey, KritiKal Solutions and the Mahindra group.
Recent ed-tech deals
Eruditus had recently raised $8.2 million in a Series B round from Bertelsmann India.
India’s most popular ed-tech startup company Byju’s had raised an undisclosed amount from Belgian family office Verlinvest in March, just three months after the firm had closed its last funding round. In the past one year, Byju’s has raised about $170 million and is currently valued at $700 million.
In January, education startup Curiositi Learning Solutions had raised $800,000 in a Series A round from Menterra Venture Advisors and existing investor Unitus Seed Fund.
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