The company said on Thursday that it would use the fresh funds to expand its team, roll out new product features and scale up customer acquisition initiatives.
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. Family offices led by the Rajiv Dadlani Group also participated in the fundraising last year.
“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.
Founded in 2020 by Nath and Ankit Gera, former Paytm executives, Junio offers a ‘smartcard’ that enables kids to make offline and online purchases.
The New Delhi-based startup’s goal is to nurture discipline and awareness in children about how to manage money, in a fun and practical way. In addition, parents also have visibility on the spending patterns of children and guide them towards early lessons in money management.
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“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. The scope for digital payments by children is immense,” said Neelesh Bhatnagar, managing director, NB Ventures.
At present, Junio’s core user demographic includes children and teenagers in the 10 to 16-year age group.
Junio competes with Sequoia-backed FamPay, which raised $38 million last year, in a round led by Elevation Capital.
