mycity4kids, an online platform that helps multi-tasking mothers, has raised $3 million in Series A round led by SIDBI Venture Capital Ltd, a wholly-owned subsidiary of Small Industries Development Bank of India (SIDBI), the company said on Wednesday. Existing investor YourNest Angel Fund also participated in the round.
Run by Gurgaon-based Just4Kids Services Pvt Ltd, mycitykids was founded in October 2010 by Vishal Gupta and Prashant Sinha. It provides kids-related services which helps mothers to manage modern-day parenting better.
The new funding will be used for building a mobile platform for Mums. The firm is also targeting operational break-even in 12 months.
“The company has managed to achieve leadership status in this segment with limited resources and the team have demonstrated their belief through sheer persistence over the last three years. With the latest round of funding, they can build a financially viable model which we’re delighted to be a part of,” said Mahendra Lodha, VP and company secretary, SIDBI Venture Capital Ltd.
“The size and value of the Mum demographic is what made us invest in mycity4kids three years back and we’re excited by their plans to become indispensable for every Mum,” said Sunil Goyal, CEO of YourNest Angel Fund.
In 2012, the mum-focused platform received Rs 5 crore in angel funding from YourNest Angel Fund.
“Our expansion plans, in this phase, are geared towards becoming a daily-use product for every Mum”, said Vishal Gupta.
“You will see several mobile-led initiatives in that direction, starting with the recent launch of the mycity4kids Family Organizer app. The app has a shared calendar and to-do list which allows Mums to organise the kids’ schedule and enlist support from the spouse/support-system in daily parenting. Apart from this, the app helps Mums to discover resources and events for kids in the city and to learn from the shared experiences of other parent and expert blogs,” he added.
Currently, mycitykids employs 35 people, 65,000 service providers in nine cities and offers parents an access to over 4000 parenting blogs of more than 500 bloggers and experts. It only targets those Mums whose kids are below 14 years of age.
Incorporated in 1999, SIDBi Venture Capital currently manages five funds including National Venture Fund for software and information teechnology, SME Growth Fund (SGF), India Opportunities Fund (IOF), Samridhi Fund (SF) and TEX Fund (TF), according to its website.