Bengaluru-based fintech company Jodo has recently secured US$ 15 million in a Series A financing round from Tiger Global, with participation from existing investors, Elevation Capital, and Matrix Partners India.
According to Jodo, this funding will be utilized towards catalyzing sales, expanding the workforce, and tweaking products.
Jodo is yet to reveal the details of the fresh funding round. As per the company’s regulatory filings, Tiger Global led the round with US$ 9.8 million (Rs 78.5 crore), while Matrix and Elevation injected US$ 2.4 million (Rs 19.6 crore) each.
According to credible sources, post this new funding round, the firm’s valuation reached around US$ 90 million.
Following the Series A round, Tiger secures an 11.24% stake in Jodo, whereas Matrix and Elevation will hold 13.35% each. Additionally, Co-founders Raghav Nagarajan, Koustav Dey, and Atulya T Bhat jointly own a 52.75% stake. The trio formerly worked as executives at Matrix Partners India.
For the uninitiated, Jodo helps middle-income families manage their children’s academic expenditures. The firm supports the schools in digitizing the payment collection system and offers a range of payment options. It claims to power fee collection of more than 700 schools and has facilitated fee payment for approximately 1,00,000 students.
Reportedly, this new Series A round for the Bengaluru-based firm comes two years after raising a US$ 3.8 million funding round from Matrix, Elevation, and 15 angel investors, including Amit Rajan, Softbank’s Sarthak Misra, Nithin Kamath (through Rainmatter Capital), and CRED’s Kunal Shah.
Jodo’s competitors, including Mumbai-based GrayQuest, are also partaking in funding initiatives. In May 2021, GrayQuest secured US$ 1.2 million in a pre-Series A round led by Foundation Holdings, and indirectly with horizontal financial services companies such as Paytm.
Established in 2020, Jodo was a pre-revenue stage startup in FY21 since its revenue stood at US$ 10,063.5 (Rs 8 lakhs) with a loss of US$ 0.21 million (Rs 1.73 crore).
Source credit - https://entrackr.com/2022/08/tiger-global-leads-15-mn-round-in-jodo-at-90-mn-valuation/
