In the first year, the startup targets to have a monthly active base of 200,000 Junio card users in India.
Junio, a digital pocket money app for children, has set shop in India after raising Rs 10 crore and aims to have 5 million users in at least four years.
The startup raised the money in an angel round that had Cred founder Kunal Shah, Bharat Pe CEO & cofounder Ashneer Grover, PolicyBazaar CEO Yashish Dahiya, InnoVen Capital MD & CEO Ashish Sharma, and Groww cofounder & CEO Lalit Keshre, among others.
Junio, which is founded by former Paytm
executives Shankar Nath and Ankit Gera, is the first app that helps pre-teens and teens to take charge of their own pocket money and savings with the help of parents. It aims to nurture financial knowledge and discipline in children.
“A child-focused payment platform is a new concept in India and a space that is unexplored. Now, as we are moving towards a cashless economy, the popularity of the digital payments space will grow more than ever before in the years to come. We are thrilled to launch a first-ever kids-focused digital pocket money app in the country,” said Gera.
In addition to instant pocket money transfer, the app also allows parents to keep a track of the spending made by children. It lets parents create in-app daily tasks for their kids and tie them with perks. It has features such as setting withdrawal limits for ATM.
In the first year, the startup targets to have a monthly active base of 200,000 Junio card users in India. It aims to have 5 million users in three to four years.