Junio gets $1 million in funding before launch

From a clutch of angel investors, including Cred founder Kunal Shah, BharatPe CEO Ashneer Grover, and Policybazaar’s Yashish Dahiya, Junio, a pocket money app for children, has raised $1 million.

The app, which will launch in mid-February, enables kids to use digital pocket money to make physical & online transactions. It will allow parents to monitor the spending of their children and build regular tasks for them in-app and tie them to perks. The company targets children from Class 4 to Class 10 and plans to have 2.5 million users onboard in three years.

Junio aims to use the funds to grow the product, improve its initiatives for team and customer acquisition, and extend its market presence across India’s cities. “In the months ahead, along with sustainable customer acquisition initiatives, we will focus on building an intuitive, user-friendly product,” co-founder Ankit Gera said.

In September 2020, the New Delhi-based start-up was co-founded by Paytm alumni Shankar Nath and Ankit Gera. According to a company release, they aim to digitize pocket money for kids while fostering financial literacy and discipline in them at an early age.