mKay, a web based tech start up has raised funding from MyFirstCheque. The financial terms of the funding has not been disclosed, however MyFirstCheque, which is a seed fund, claims that its average investments are in the range of Rs 20 lakh, and go up to a maximum of Rs 25 lakh. This is the fund’s second investment since it was launched; the first was MeriCar.
mKay intends to provide solutions, services and products for various domains such as IT, Education, Legal, Healthcare, Agriculture, Social Welfare, among others under one web platform. The company is piloting a web service, apply2many.com, a global application form management service for various commercial entrance systems including education admissions, job applications, entrance exams, Insurance Policy/Mutual Funds/Bank forms, and entry to commercial enterprises, among others. The company claims that the service caters to both the institution and the applicant’s front at the same time, which is a distinguishing feature, compared to similar offerings in the education space.
The service allows applicants to select and apply to multiple institutions using a single application form. It automates the process of filling forms, since applicants can save personal details, and upload copies of certificates and marksheets to facilitate the application process. The candidates get instant notifications in case they are shortlisted via SMS and E-mail, in addition to alerts for submission deadlines. Apply2many charges applicants, 10% of the form fee, as the cost for using the service.
For institutes, mKay offers an Online Enroll Enlist Service (OEES), for managing application forms, admission procedures, applicant profiles, fee payment modes and applicant-institution interactions on a single virtual platform. This means that they can totally outsource online admissions. mKay charges an yearly maintenance fee from institutes using the service. However, it also offers an exclusive membership, which includes SMS and email based promotional packages. Non exclusive members can also buy promotional packages by paying a fee. It also intends to provide statistical information regarding yearly applications received, geographical concentration of arriving applicants, and other data.
We feel that the service will specially help smaller institutions to automate admission process, since they need not invest in additional infrastructure, just to make the admissions process available online. Also, there is a whole admission form nexus out there, operating in the market. Services like apply2many are one way to make the process of obtaining admission forms easier and free of middlemen. However, most big private and government institutions have already upgraded their systems or have contract based firms doing the same for them. Also, payments are received through mKay’s payment gateway and transferred later to the institution, doesn’t this increase their workload? So it would be critical for the company to go a step ahead and give an additional incentive to these institutions.
With inputs from Saptarishi Dutta