Total amount raised
$18.8 Millions
Latest funding date
8/1/2022
Location
Jodo has successfully raised $15 million in a Series A funding round led by Tiger Global Management. The platform is dedicated to creating customized financial products for middle-income households in urban India.
Keep reading to explore the intricacies of Jodo's fundraising journey and the investors backing this innovative fintech company.
What Is Jodo?
Jodo, founded in 2020, is a fintech company based in Bangalore, Karnataka, India. The company focuses on creating customized financial products for middle-income households in urban India.
Founded by Atulya Bhat, Koustav Dey, and Raghav Nagarajan, Jodo aims to simplify education payments through automated fee collection and flexible payment options. Their services include Jodo Pay, Jodo Flex, and Jodo Cred.
With a team of 101-250 employees, Jodo is dedicated to positively impacting lives by ensuring timely payments and eliminating tedious follow-ups for educational institutions.
How Much Funding Has Jodo Raised?
- Seed Round
- Amount Raised: ₹285M (approximately $3.8M USD)
- Date: July 2020
- Lead Investors: Elevation Capital, Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their initial suite of financial products aimed at simplifying education payments.
- Series A
- Amount Raised: $15M
- Date: August 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: $90M
- Motivation Behind the Round: To accelerate product innovation, expand sales, and grow the team to scale operations.
Total Amount Raised: $18.8M USD. Current Valuation: $90M.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a New York-based investment firm known for its investments in technology and internet companies. They led Jodo's $15 million Series A funding round.
- Investment Focus Areas: Technology, Internet, Financial Technology
- Notable Investments: Flipkart, Ola, LinkedIn
- Elevation Capital
- Details: Elevation Capital is a venture capital firm that invests in early-stage companies, particularly in the technology and consumer sectors. They participated in both Jodo's seed and Series A funding rounds.
- Investment Focus Areas: Early-stage companies, Technology, Consumer Businesses
- Notable Investments: Paytm, Swiggy, UrbanClap
- Matrix Partners India
- Details: Matrix Partners India is a venture capital firm that invests in seed and early-stage companies in India. They have been involved with Jodo since their seed round.
- Investment Focus Areas: Technology, Consumer Markets, Financial Services
- Notable Investments: Ola, Practo, Dailyhunt
- Z47
- Details: Z47 is an investment firm that focuses on early-stage investments, particularly in the technology and fintech sectors. They were a key investor in Jodo's seed round.
- Investment Focus Areas: Early-stage investments, Technology, Fintech
- Notable Investments: Not publicly disclosed
What's Next for Jodo?
Jodo's future is brimming with opportunities. The company plans to scale its partnerships from 700 to 5,000 educational institutions, aiming to help 1.5 million students with fee payments. This expansion is set against a backdrop of increasing digitization in the education sector, which presents a significant market opportunity. The fintech sector in India is projected to become a $1.3 trillion market by 2025, with the lending segment accounting for $616 billion.
Given the successful Series A funding round, Jodo is well-positioned for future fundraising opportunities. The involvement of high-profile investors like Tiger Global and Elevation Capital suggests that additional funding rounds could be on the horizon to support further scaling and product development. However, Jodo will need to navigate challenges such as competition from other fintech companies and ensuring the scalability and reliability of their financial products.
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