Startup Junio on Friday announced that it has raised $6 million (Rs 45 crore) in Pre-Series A funding round. The Delhi-based fintech startup, stated in a release that it will deploy new capital to expand its team, introduce new product features, and accelerate customer acquisition initiatives.
Founded in 2020 by Shankar Nath and Ankit Gera, Junio aims to digitise pocket money for children and be the preferred digital payment option. The platform offers a ‘smart card’ that enables kids to make offline and online purchases. The vision is to nurture discipline and awareness in children about how to manage money in a fun and practical way.
Startup Junio claims huge adoption of its app by Parent-Children Community
“We have seen huge adoption of our app ever since we launched it last year. There is a strong acceptance among the parent-children community. We are now in the process of introducing new and exciting features while focusing on developing a user-friendly product. We are delighted to have our new investors on board, and thank them for their support.” Ankit Gera and Shankar Nath, Co-founders of the startup Junio, said.
The platform allows parents to control smart cards through the app wherein they can create in-app chore lists and tie them with perks.
Neelesh Bhatnagar of NB Ventures, added, “Junio will cultivate a habit of digital payments among young children and create less dependence on cash. The scope for digital payments by children is immense, and we have barely scraped the surface. New, innovative use cases will emerge and Junio, with their superior product and market understanding, is well poised to leverage this.”
In 2021, Junio raised $2 million in funding from marquee angel investors such as Kunal Shah and Yashish Dahiya, Venture Catalysts, and family offices led by the Rajiv Dadlani Group.
The fintech startup claims to have users spread across the length and breadth of the country. The core users are 10-16 year old children who have embraced all things digital.
“Pocket money is an age-old concept, and it has evolved over the years. Now, the Junio app is trying to revolutionise the sector by using technology and digitisation. The pandemic has pushed us towards a cashless economy, and while pocketmoney and digital payment by kids are in their nascent stage in India right now, there is a huge potential” said Rajiv Dadlani.
The funding round was, led by UAE-based firm NB Ventures with significant participation from the Rajiv Dadlani Group.