New Delhi-based social platform for home-hosted experience MyScoot has raised ₹11.9 crores in a seed funding round from Lightspeed India Partners, Venture Highway, and Mayfield India. The startup plans to utilize the freshly raised capital to hire its core team and penetrate the current market.
Founded by Sidharth Rawat, Somvir Yadav, and Suyash Sinha, the startup operates a platform that helps users to meet verified people at home-hosted social events. The social experience market in India stands at $35 billion as Millenials continue to look for the new social experience and meaningful interactions.
Suyash Sinha, CEO & Co-Founder, MyScoot said, “We’re excited to have such seasoned investors and experts support the MyScoot mission – to make real connections in today’s digital, online world. Their belief in our vision will allow us to scale and create a stronger, more robust platform to better serve users. Our goal is to reach more of the world’s largest youth cohort, Indian millennials, enabling them to create bonds and build friendships in a new and meaningful way.”
MyScoot has a 5-step profile verification process that ensures maximum security for users. Hosts have the ability to earn money from their home. Using the fresh funds, the startup plans to build an AI-based social experience recommendation system and stronghold their presence in Delhi and Bengaluru.
The startup has raised funds from Kunal Shah, founder of Freecharge and current CEO of CRED as well as Maninder Gulati, Chief Strategy Officer at OYO Rooms. MyScoot is similar to Airbnb where users can create accounts and host other users to earn money. The host can set their own prices. MyScoot offers bold, fresh, experiences and parties of all kinds from dinner parties, board game brunches, Salsa dance socials, to backyard bonfires.
Nikhil Khattau, Managing Director, Mayfield India, highlighting the reason behind choosing to invest in MyScoot, said, “We’re passionate about MyScoot because it’s an idea larger than home-hosted parties. It’s a safe place for micro-communities, a non-digital space to forge connections.
The experience market is on fire and MyScoot is trying to tap into something larger. It is a challenge to build digital to non-digital relationships and the startup has taken on to solve this problem. The startup supports micro-communities and local events to cater to modern Indian millennial consumer base.