Three entrepreneurs- Vishal Gupta, Prashant Sinha and Asif Mohamed who decided to jump in with their venture, mycity4kids.com, spoke to CNBC-TV18's Young Turks about their e-commerce experience.
Launched in 2010, this online portal for children-related services gives parents access to information about schools, activity classes and even reviews of services by fellow parents. With more than a million parents visiting the website currently and over 40,000 service providers being listed across six major cities, mycity4kids.com has already clocked in revenues of Rs 3 crore.
Below is an edited transcript of the show on CNBC-TV18
Deepa Singh, a 36-year-old mother of two who shifted to India after living for four years in the US, searched high and low for preschools in her neighbourhood till she logged on to mycity4kids.com. "mycity4kids.com is like a one-stop shop for a parent. I plan to enroll my older child at a few events or summer camps and plan to admit my younger child at a mother-toddler programme or a preschool."
Targeting parents like Deepa, Vishal Gupta, Prashant Sinha and Asif Mohamed set up the website as a ready reckoner for facilities and programmes for children between 1 to 14. With an initial investment of Rs 50 lakh including personal savings, the trio was clear. Of focusing on the children's market from the start.
Vishal Gupta, co-founder, mycity4kids.com says, "The biggest USP of our site is that it has been formed using the perspective of a parent. Every service-provider on our site has been profiled by us and contains all the required information."
"This information has been presented in the manner that parents would go about looking for such information. So for classes to aid a child's concentration, the search results on our site would offer everything from classes on chess, the Rubik's Cube to learning the abacus."
Not just parents, but investors saw potential in the concept and mycity4kids.cin has raised USD 1 million in angel funding from YourNest Angel Fund an early-stage venture capital firm in 2012. The team is now toying with the idea of raising another round of funding this year. Currently free for users, mycity4kids.com charges service providers and advertisers and has managed to clock up revenues of Rs 3 crore.
"For the consumer, the site is completely free as of now. Attempts are on to provide as much of personalisation as we can. So, based on how you surf through the site and depending on information you are looking for, we try to personalise your experience and give you information that is more relevant," adds Asif Mohamed, co-founder, mycity4kids.com:
Providing information to parents across six cities - Delhi, Mumbai, Hyderabad, Chennai, Bangalore and Pune - the trio's the plan is to now cater to 10 more cities by March 2014. To generate additional revenues, mycity4kids.con provides a range of solutions to SMEs operating in the children's market ranging from response management, payment and local promotion solutions for a price of Rs 2,500 to Rs 1 lakh a year.
Prashant Sinha, co-founder, mycity4kids.com says that he foresees the model going to more cities and across different tiers. "So, there are different problems that are being solved. The first problem is to help similar businesses get online. We are also trying to aid businesses promote themselves in and around the locality and collect payments."
With the target in sight, the trio is ready for game, set and match. As their customer base grows, the site could move to a pay-for-use model, adding funds to the company's kitty and the next phase of growth could see them making a play for the product market as well.
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