Hyderabad: City-based education technology company MyClassboard Educational Services (MCB) raised Rs 45 crore from ICICI Bank. MCB is an end-to-end school software that helps schools in automating and streamlining all their academic and administrative processes.
ICICI Bank acquired 9.09 per cent stake in the company. ” ICICI Bank has entered into an agreement to invest in Myclassboard Educational Solutions,” the Bank said in a regulatory filing. Since the acquisition of shareholding is below 10 per cent, regulatory approval is not required, it added.
MCB was founded 2010. Ajay Sakhamuri is the founder and CEO while Ravindra Adusumilli is the Co-Founder and CTO. The company has been profitable since its inception. MCB has multiple componets- ERP, LMS and Live.
The MCB ERP is a unified school management software that hat 40 plus features to manage fee collection, admissions, gradebook, HR and payroll, transport management, school parent communication, customised school mobile apps for all stakeholders.
It has handled more than Rs 6,000 crore school fee collections and has a more than 16 lakh student base. Currently, more than 2,500 schools are powered by MCB.
The MCB LMS is a learning management system empowers teachers with the technology and content required to conduct online teaching more easily. More than 10 lakh online classes have been conducted within the last four months.
The MCB Live is a content app store from which schools and students can purchase content on a subscription model. As an introductory offer, MCB Live is offering preloaded K-2 content library consisting of 10,000 plus video resources, e-books and question banks with about five lakh questions free.
MCB is targeting to reach five lakh schools in the private sector. The product is suitable for School, higher education, pre-schools and private tutors. MCB will use the funds from ICICI Bank to scale up from 2,500 schools to 10,000 schools and cater to 50 lakh students within the next 12-24 months. It will reach out to more schools in partnership with about 500 relationship managers from ICICI TASC Team. It will partner with ICICI to build connected banking and fintech products for student fee loans and student wallets.
Also read: