Children’s pocket money app Junio raises $1 million from big-name investors: Report
Junio will launch in February and aims to gather 2.5 million users over three years
January 26, 2021 / 04:27 PM IST
Pocket money app for children, Junio, has raised $1 million from investor including BharatPe CEO Ashneer Grover, Cred founder Kunal Shah and Policybazaar CEO Yashish Dahiya.
Junio will use the capital to boost team strength, develop the app, expand to more cities and improve customer acquisition, The Economic Times reported.
Moneycontrol could not independently verify the report.
The New Delhi-based startup was co-founded by Ankit Gera and Shankar Nath – both previously engaged with Paytm, in September 2020. It will launch in February and aims to gather 2.5 million users over three years, it added.
Gera said the focus in the months ahead will be on “building an intuitive, user-friendly product along with sustainable customer acquisition initiatives.”
The mobile app is aimed at children 9-15 (Classes 4-10), will enable children to conduct online and offline purchases using digital pocket money while allowing parents to create in-app daily tasks for kids to earn ‘perks’ and also track the spending.
As per a company statement, the app “seeks to digitise pocket money for children while nurturing financial knowledge and discipline in them at an early age.”