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Business News/ Companies / Start-ups/  Junio raises additional 5 cr in seed funding
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Junio raises additional ₹5 cr in seed funding

Apart from product development, the startup plans to use the current fundraise to strengthen its team and launch new customer acquisition initiatives

With this round, the company has raised a total of ₹15 crore as a part of its seed round.. Photo: MintPremium
With this round, the company has raised a total of 15 crore as a part of its seed round.. Photo: Mint

Digital pocket money startup, Junio, said it has raised 5 crore in additional seed funding from Venture Catalyst and family offices led by the Rajiv Dadlani Group, as it looks to further develop its product.

In January this year, the company had raised $1 million as part of its ongoing seed round, from a clutch of angel investors, including BharatPe founder, Ashneer Grover; Cred founder, Kunal Shah, among others.

Apart from product development, the startup plans to use the current fundraise to strengthen its team and launch new customer acquisition initiatives. With this round, the company has raised a total of 15 crore as a part of its seed round.

Started by former Paytm executives, Junio offers a ‘smart card’ which lets children make physical and online purchases through its app, allowing them to use their digital pocket money. The startup’s goal is to nurture financial knowledge and discipline in children at a young age.

“We are thrilled with the early traction we are seeing in Junio. Over the next few months, we will roll out more interesting product features, and have a full-fledged marketing launch. We would like to welcome the Rajiv Dadlani Group and Venture Catalysts as our investors, and are thankful for their faith and support," said co-founder of Junio, Ankit Gera.

The startup claims that within a month of launch, it has crossed 50,000 users, as Junio app finds strong acceptance among the parent-children community.

“Junio’s founders have a strong pedigree and tremendous collective experience, in the payments and fintech industry. There is a huge, inherent and unmet need for Junio’s products amongst teenagers and the parent-children community. Given their vision and strong execution, and also the virtual card segment being at a nascent stage in India, we are glad to participate as long-term investors, and support Junio in its amazing journey forward," said Rajiv Dadlani.

Junio’s digital pocket money app is focused on children between grade 4 and grade 10. The idea is also to nurture financial knowledge and discipline in them at an early age.

In addition to instant pocket money transfer, Junio app also allows parents to know about the spends done by their children. It also lets parents create in-app daily tasks for their kids and tie them with perks.

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Published: 15 Jun 2021, 11:18 AM IST
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