The flamboyant actress will also feature in it.
Announcing the new project via a tweet and a sneak-peek video of the show, Priyanka posted on Thursday: "It's here @ItsMyCity_ @PurplePebblePic's 1st mobi-series with @nexgtv_mobileTV on Jan 22. Got Newbie producer jitters."
The story of four girls on a journey of life, love and lunacy in Mumbai, the bi-weekly 14-part series, which will begin on Friday, will have new mobisodes every Tuesday and Friday.
It is created by celebrity digital network Fluence and produced in association with Priyanka's production company Purble Pebble Pictures India and Endemol-Shine India.
Speaking in her capacity as mentor and co-producer of the show, Priyanka, who earlier sang a single titled "In my city", said in a statement: "Digital is the new frontier of content and I'm diving right in. It's a super exciting world in which I find myself equally fascinated with and immersed in completely."
An actress, singer and a former beauty queen, Priyanka's runaway success with "Quantico" and recent powerful performance in Bollywood films "Mary Kom" and "Bajirao Mastani" have further shone the spotlight on her.
She says the thought behind "It's My City" is "progressivea to go where the young audience has moved towardsa to connect with them in a style that they can identify with and for me personally, to engage with them in a whole new way".
The series revolves around the everyday lives and struggles of four young girls - Manika, Sonali, Tina and Nikki - living together in the same flat in Mumbai. Mirroring the reality of everyday lives, the series captures the ups and downs of these girls as they set out to achieve their dreams.
Captured in a light-hearted fashion, this sitcom, also offers a unique and real insight into the lives of Indian girls staying away from their families in pursuit of their dreams, in the city of dreams that is Mumbai!
Priyanka will appears as herself, assuming the mantle of an official landlady, unofficial guardian and protective friend. She says "there is a huge parallel that can be drawn to my own realityaof a young girl coming to Mumbai to literally make my dreams come true".
"I hope the stories are something the audience will identify with," said the former Miss World.
According to Abhesh Verma, chief operating officer, nexGTV, it was only for Priyanka, the first South Asian woman to win the hugely popular People's Choice Award, to come on board for a project such as this as she "has challenged and redefined the status quo numerous times over the years.
"She epitomises the young, Indian woman of today and is therefore the perfect match."
As for Rishi Negi of Fluence, he said: "This collaboration will draw audience subscriptions and views for the show and the platform via social media by engaging Priyanka's close to 35 million fans and followers in a new and highly compelling way."