Get Instant Loan up to ₹10 Lakh!
Junio raises $6 mn in pre-series A round led by UAE-based NB Ventures
- The Fintech startup intends to utilize the freshly raised capital to bolster its team, roll out new product features, and scale up customer acquisition initiatives.
Junio, a kid-focused digital payments and pocket money app, on Friday announced that it has raised $6 million in pre-series A funding round led by UAE-based NB Ventures. Rajiv Dadlani Group also participated in the round.
The Fintech startup intends to utilize the freshly raised capital to bolster its team, roll out new product features, and scale up customer acquisition initiatives.
Founded by Shankar Nath and Ankit Gera, Junio offers a ‘smart card’ that enables kids to make offline and online purchases. The company said it aims to digitize pocket money for children and be the preferred digital payment option, adding that its goal is to nurture discipline and awareness in children about how to manage money in a fun and practical way. “Parents have visibility to the spending patterns of their children, and can guide towards early lessons in money management,” Junio said in its statement.
The Delhi-based startup intends to utilize the capital to bolster its team, roll out new product features and scale up customer acquisition initiatives.
“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,” the co-founders Gera and Nath said in a joint statement.
Last year, Junio had raised $2 million from a clutch of angel investors, including Kunal Shah and Yashish Dahiya, Venture Catalysts and family offices led by the Rajiv Dadlani Group.
Commenting on the funding, Neelesh Bhatnagar of NB Ventures said, “Shankar and Ankit have handled digital payments at scale earlier, and we are very impressed by the traction that Junio has been able to garner in a short time. 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.”
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsCompaniesStart-upsJunio raises $6 mn in pre-series A round led by UAE-based NB Ventures
First Published:4 Mar 2022, 11:07 AM IST
- Top Gainers
- Top Losers
- 52 Week High