Parenting platform Mycity4kids aims â€‹to quadruple revenue in 2016-17
Gurgaon-based parenting and kids discovery website Mycity4kids aims to quadruple its revenue in the current fiscal year on the back of its new initiatives including Hindi content and analytics on the platform.
The company's current revenue run rate is Rs 1 crore a month and it expects to register turnover of Rs 7.5-8 crore for the year ending 31 March 2017. The company had revenue of Rs 2 crore for the fiscal year 2015-16.
"We expect to clock revenue of Rs 25 crore by the end of next fiscal year (2017-18), that's our target. We will at least reach 3x revenue of where we expect to end this year," said Vishal Gupta, co-founder, mycity4kids.
Mycity4kids, which was started in 2010 by Gupta, Asif Mohamed and Prashant Sinha, helps multi-tasking mothers manage the task of parenting better with content which includes hyper-local discovery platform for kids' resources and events as well as a community of mommy bloggers and parenting experts.
The company does not host banner ads and all its revenue comes through tie-ups with brands which host sponsored content on mycity4kids.com. The company has annual and semi-annual contracts with brands like Johnson & Johnson, Nestle, Reckitt Benckiser and Amazon, among others.
"The brands bring 80% of our revenue. We are currently dealing with around 45 brands this financial year. We have six brands where the engagement we see in excess of Rs50-60 lakh," elaborates Gupta.
He says monetisation from content and brand tie-ups will continue to grow bigger as the company pivots from being a discovery website to a digital publishing house.
"Until about 18 months back, we were pretty much a discovery platform. Right now, the pivot is that we are a content platform. From the content perspective listings prove to be important content but from the monetisation side it will keep getting smaller," he adds.
For the company, the focus will now be to launch Hindi content in the next 30 days and boost its platform Momspresso which it launched four weeks ago.
The company had raised $3 million (around Rs 20 crore) in Series A funding from SIDBI Venture Capital Ltd and existing investor YourNest Angel Fund eight months ago. It is now in talks to raise its next round of funding.
"We have a decent runway but when you look at the kind of plans we have including video, vernacular and analytics piece, for that you will always need some amount of capital," said Gupta, without disclosing more details about the deal.
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