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EdTech startup Educommerce Technologies gets fresh funds from SIDBI to scale
Jaipur-based EduCommerce Technologies, which offers a mobile app solution for educational institutions named myly, announced that it had secured a second round of funding from Small Industries Development Bank of India (SIDBI) under the lender’s Startup Mitra scheme.
Jaipur-based EduCommerce Technologies, which offers a mobile app solution for educational institutions named myly, announced that it had secured a second round of funding from Small Industries Development Bank of India (SIDBI) 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. It was earlier reported that myly had raised a seed fund of $100,000 from Newbie Promoter, an edtech-focussed angel investor in 2016.
The formalities of the deal were completed last month. The startup's app offers 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.
