YourNest Angel Fund today announced that they have made an investment in Gurgaon based startup, MyCity4Kids, a comprehensive marketplace for all kids related local services. The amount of the investment is undisclosed.
The firm has operations in NCR region, and by the end of 2012 plans to expand to 8 cities. By July 15th, they are launching operations in Bangalore and Mumbai.
The firm claims to have increased the revenues of the service providers by 3-5 times.
Speaking about why they chose to invest in a vertical e-commerce startup, YourNest’s Sunil Goyal said, “Currently, there aren’t any efficient platforms in India serving the needs of parents looking for services fulfilling the necessities of their kids. The main challenges of e-commerce in India today are cost of acquisition, customer retention, inventory maintenance and logistics cost. The team at MyCity4Kids has successfully managed to overcome these challenges. Also, they are addressing a huge gap in the market.”
We wish MyCity4Kids all the best as they plan to scale, and shall bring you regular updates.
Subsequent to the investment, Girish Shivani, Founder Director – YourNest Angel Fund will join the board of MyCity4Kids as YourNest Angel Fund’s nominee.