SIDBI leads $3m Series A for India's Mycity4kids

Mycity4kids aims to alert parents to resources and activities for children in their areas and help them plan their daily schedules. It also operates a blogging platform and social network. The company said in a statement that it plans to use the new capital to improve its mobile software and introduce new products.

Founded in 2010 as a subsidiary of Just4Kids Services, Mycity4kids claimed revenue of INR40 million ($600,000) in 2015. Nearly half of its revenue came from its brand-sponsored blogs; it generated additional revenue through advertising and ticket sales for children's events. YourNest committed an undisclosed amount of funding to the company in 2012, according to AVCJ Research.

SIDBI Venture Capital, established in 1999 by the Small Industries Development Bank of India, seeks early-stage investments in Indian start-ups across a range of industries. Its investments include mobile payment provider Mosambee, for which the firm participated in a Series B round of an undisclosed amount in March, and the Kanungo Institute of Diabetes Specialities, to which it committed INR180 million in 2014.

India's parenting sector has attracted VC attention recently: Valiant Capital Partners led a $26 million Series D round for child-focused e-commerce portal FirstCry last February, and Vertex Ventures, which participated in that round, also led a funding round for parenting portal theAsianparent to support its India expansion.

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• Topics
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