MyFirstCheque announced the funding of a bangalore based web tech startup, mKay Innovating Solutions Pvt Ltd. This makes the seed funds second investment in India since their launch in December 2010. Their first investment was in MeriCar.com, a website that connects car owners with car servicing dealers.
mKay is founded by first generation entrepreneur Karunjay Anand. The company was still in ideation phase when the funding decision was made. With average investments of Rs. 20 lakhs and a maximum of Rs.25 lakhs, MyFirstCheque follows a unique funding model of ‘Co-Fun investing’ which stands for co-founder investing, affirming its role in mentoring and guiding entrepreneurs besides funding.
mKay’s first web based service apply2many.com will target the education industry. Online Enroll Enlist Service (OEES) by mKay will automate and streamline application procedure. It will manage application forms, admission procedures, applicant profiles, fee payment modes and applicant-institution interactions on a single virtual platform.