Kid-focused digital payments platform Junio on Friday announced that it has raised $6 million (Rs 45 crore) in Pre-Series A funding round, led by UAE-based firm NB Ventures with significant participation from the Rajiv Dadlani Group.
According to the official statement, the fintech startup intends to utilise the freshly raised capital to bolster its team, roll out new product features, and scale up customer acquisition initiatives.
Founded in 2020 by Shankar Nath and Ankit Gera, the New Delhi-based startup aims is to nurture discipline and awareness in children about how to manage money in a fun and practical way. The platform offers a ‘smart card’ that enables kids to make offline and online purchases.
“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,” said Shankar Nath, cofounder, Junio.
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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.”
Last year, Junio raised $2 million in seed funding from marquee angel investors including Cred founder Kunal Shah; PolicyBazaar cofounder Yashish Dahiya; and Venture Catalysts.
