MyClassboard raises Rs 4.5 crore from ICICI Bank to expand reach
MyClassboard (MCB), an end-to-end school management software that helps schools to automate and streamline their day-to-day operations
image for illustrative purpose
Hyderabad: MyClassboard (MCB), 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 in a pre-Series-A funding round. Founded in 2010 by Ajay Sakhamuri, founder and Chief Executive Officer, and Ravindra Adusumilli, Co-founder and Chief Technology Officer, MyClassboard has been profitable since its inception.
"We will be using this fund to scale from 15 lakh students across 2,500 schools to 50 lakh students across over 10,000 schools. We are also expanding to the Middle East and Southeast Asian markets," said Ajay Sakhamuri.
Since March, MCB has been adding new schools, serving more than 50,000 students on a month-on-month basis. MCB will use the funds to expand its reach to serve 50,00,000 students in the next 12 to 24 months, the company said in a statement on Wednesday. About 2,500 schools have so far processed over Rs 6000 crore fees using MCB's fee collection module.
