EdTech startup myly gets fresh funds to scale

NEW DELHI: Jaipur-based EduCommerce Technologies, which runs the myly app, said it secured a second round of funding from Small Industries Development Bank of India under the lender’s Startup Mitra scheme.

With this round, the company has so far raised $250,000 (Rs 1.61crore). SIDBI invested an undisclosed amount in a mix of equity and debt. EduCommerce secured its first round of funding in December 2015. Citing the startup’s founders, ET in early 2016 reported that it had raised a seed fund of $100,000 from Newbie Promoter, an edtech-focussed angel investor.

The formalities of the deal were completed last month. The startup offers a mobile app solution for educational institutions covering functions such as communication & transaction of messages, homework, circulars, images, videos, attendance and events. It also allows optional modules for fees management, exam-result management, time-table publishing and quiz modules.