Junio, a kids-focused digital pocket money startup, has crossed 50K users within a month of launch.
The Junio app has found strong acceptance among the Parent-Children community as a powerful way for children to learn valuable lessons about money management and finance, a release said.
The startup has also raised additional Rs 5 crore in funding from Venture Catalysts and HNI Investors and Family Offices led by the Rajiv Dadlani Group.
Junio will utilise the funds to further develop its product, strengthen the team and launch customer acquisition initiatives. With this round, Junio has raised a total of Rs 15 crore in their Seed round.
Brainchild of Shankar Nath and Ankit Gera, the idea behind Junio is to digitise pocket money for children while nurturing financial knowledge and discipline in them at an early age.
Founded in September 2020, the bootstrapped company’s vision is to create a community of financially smart and empowered young generation. Junio is for children between classes 4 and 10. In US, Greenlight Cards which operates in the same space is a $2 Billion enterprise with a vibrant Parent-Child community.
Ankit Gera said, “We are thrilled with the early traction that we are witnessing in Junio. Over the next few months, we will roll out more interesting product features, and have a full-fledged marketing launch.”
“This investment reflects the strength of our association and further enables us to unlock new opportunities in kids-focused digital payment options in India,” he added.
Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said, “The Founders having a strong pedigree and tremendous collective experience, in the Payments and Fintech industry, and are doing a splendid job. 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, also the digital pocket money / virtual card segment, being at a nascent stage in India, with huge growth potential, we are glad to participate as long-term investors, and support them in their journey forward.”
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.
It provides additional independence to young children to take control of their pocket money and expenses, learning valuable lessons about money along the way, the release added.