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Mycity4kids, an online kids’ services provider, is raising $3-$4 million (₹18-24 crore) in series A in the next three months to fund its overseas expansion.
The portal, which has information about daycare, playschool-related queries and other fun events related to kids, has so far raised one round of angel funding from Yournest Ventures, and has operations in the top six cities.
It is expanding to four more cities such as Hyderabad, Kolkata, Lucknow and Chandigarh this year.
In its international foray, the company also plans to start services in Singapore, Hongkong, Djakarta and Manila over the next 12 months.
Vishal Gupta, founder of mycity4kids, said the company has reached the final stages of talk with 2-3 venture capital firms. The company, which has recently launched mobile apps for Android and iPhone users, is also betting big on the rise of smartphones users.
Mycity4kids is targeting ₹3.5 crore in sales this year against ₹1 crore last year.
The company’s revenue comes from advertisements and paid listings.
It has over 50,000 businesses listed on its site, of which 3,000 are paid.
The number is expected to double this year.
The company is also looking at tying up with fast moving consumer goods companies and retail brands for additional revenues.
A McKinsey report has noted that the Indian kids’ services market is pegged at ₹15,000 crore, which includes hobbies, sports, tuitions, daycare, playschools, recreation, entertainment, and health and wellness.
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