A financial technology firm startup Jodo, operated by Bharosepe Technology Services Pvt. Ltd reportedly has raised funds for Jodo in a seed funding round.
The new startup has received its funding from Max partners, SAIF and bunch of affluent angel investors.
The Angel investors include Managing Director of Prosfora Technologies Pvt Ltd – https://www.linkedin.com/in/amit-rajan-695a48/
The Founder of Zerotha- Nithin Kamath who invested via Rainmatter capital – https://www.linkedin.com/in/nithin-kamath-81136242/
Sarthak Misra, Vice President of SoftBank Investment Advisers- https://www.linkedin.com/in/sarthakmisra/ and Kunal Shah who invested from QED Innovations Lab.
Matrix Partners and SAIF, both have acquired about 13.08% of the stake of Jodo for 13.9 Crores each. On the other hand, the Angel investors together have invested about 70 lakh in the startup.
Jodo is a Banglore based Financial Technology firm started in January 2020 by three very incredible minds- IIM Ahemdabad Graduate Atulya Bhat- https://www.linkedin.com/in/atulya-bhat-6318ab46/
IIT Kharagpur Alumni, Raghav Niranajn- https://www.linkedin.com/in/raghav-nagarajan-b65a4713/
IIT Kanpur and IIM Banglore Graduate Koustav Dey https://www.linkedin.com/in/koustav-dey-a940b22a/
The aim behind Jodo is becoming a full financial service player with a variety of products and project to help people accordingly with their needs. Currently, it is engaged to help parents pay their school fees monthly instead of 2-3 instalments. It is helping the middle-income families to manage the academic expenses of their children in urban India. While the company is still in the stage of evaluation and processing still it managed to receive funding of 28.5 crores.
The company plans to use the received fund in the right way to reach to more people who need financial help to manage their children’s education and provide them with efficient and effective service.
Apart from managing the monthly fees of students, Jodo also helps in the subscription fees of Online Educational Platform portals such as Vedantu and Toppr.
As the company is in its initial revenue phase, it will charge a small fee for its transactions.
Jodo has smartly paved out this idea of the startup which will help people in paying hefty fees of educational institutes and thus opening doors for children to get into quality educational institutions. It will also help the parents to manage cash flow issues in low and middle-income class families. Hence, making quality education accessible to all.
Other deals in Fintech Companies
The interest of investors is attracting towards Financial Technology Segments despite the downfall and impacts of COVID 19 World Pandemic.
At the beginning of this month, group payments-focused go dutch got $1.7 Million (Approx 12.81 Crores) in a seed funding round by Matrix.
Other participants in this round included Y Combinator, Global Founders Capital, Soma Capital and VentureSouq. Following this month, blockchain-based chit fund management platform ChitMonks received around 5 crores from Unicorn India Ventures.
In the month of June, the part of online stock trading Zerodha- Rainmatter Capital contributed 3.5 Crores in a market platform focused on fixed-income investments – Golden Pi Technologies Pvt Ltd.