MyClassboard Raises Rs. 4.5 Crore Funding from ICICI Bank
Hyderabad: MyClassboard (www.myclassboard.com), an end-to-end school management software that helps schools to automate and streamline their day-to-day operations has raised Rs 4.5 crore funding from ICICI Bank. It was founded in 2010 by Ajay Sakhamuri, Founder and CEO and Ravindra Adusumilli, Co-founder and CTO and have been profitable since its inception.
“We are happy to announce our Pre-Series A funding round from ICICI Bank. We will be using this fund to scale from 15 lac students (across 2,500 schools) to 50 lac students (across 10,000+ schools). We are also expanding to the Middle East and South-East Asian markets,” said Ajay Sakhamuri, Founder and CEO, MyClassboard.
ICICI Partnership and Future Plans
Post-COVID there is a tremendous surge in school sign-ups. Since March, MCB has been adding new schools serving more than 50,000 students on a month on month basis. Schools had to adopt educational technologies like MCB. Hence, the prediction is the business will see multi-fold growth in the next couple of years.
MCB will use the funds to scale from 2,500 schools to 10,000 schools and serve 50,00,000 students in the next 12-24 months. Business Development – Plan to reach out to more schools with the partnership of 500+ Relationship Managers from ICICI TASC Team. Platform Development – Partnering with ICICI to build connected banking/Fintech Products for student fee loans and student wallets.
MCBERP: End-to-end school management software with 40+ features including Fee Collections, Admissions, Gradebook, HR and Payroll, Transport Management, School Parent Communication, customised School Mobile Apps for all stakeholders and more.
MyClassboard is serving 16 lac+ students. About 2500+ schools have processed over 6000 cr+ fees using the Fee Collection module.
MCB LMS is a learning management system for schools to upload online classes, learning resources, conduct online assessments, and also launch new online learning courses. We empower teachers with technology and content required to facilitate online education.
Integration with video conferencing platforms such as Google Classroom, Microsoft Teams and Zoom has enabled schools to conduct over 17 lac online classes within the last four months. Average time spent by students and teachers on the app is 120+ minutes per day and 180+ minutes per day, respectively.
MCB Live is a Content App Store providing paid content for schools and students with various subscription models. As an introductory offer MCB. Live offers pre-loaded K12 Content Library with 10,000+ video resources, ebooks and 5 lac question banks absolutely FREE.
Students can subscribe to Master Classes for extra-curricular activities like coding, public speaking, sports and more.
Total Addressable Market (TAM)
Targeting over 5,00,000+ private sector educational institutions as MyClassboard is a product suitable for institutions of all sizes.