Existing investors Elevation Capital and Matrix Partners India also participated in the funding round
Jodo, a fintech start-up, has raised $15 million in a Series A funding round led by Tiger Global. The financial round also saw participation from existing investors Elevation Capital and Matrix Partners India, who invested $4 million in the company earlier.
The Bengaluru-based company will utilise the capital to accelerate product innovation and sales and grow its workforce. It claimed that its products currently power fee collection for over 700 educational institutes and have facilitated fee payments for more than 1 lakh students.
Atulya Bhat, Raghav Nagarajan and Koustav Dey founded Jodo in 2020 after noticing that many households faced difficulty paying education fees due to a lack of flexible payment options. The fintech’s initial offerings included specialised payment and lending products to enable convenient fee payments and collection at educational institutes.
In its first year of operations, the fintech raised Rs 28.5 crore in seed capital from Matrix Partners India, Elevation Capital, SAIF Partners and some angel investors. It used this funding to launch the Jodo Cred no-cost EMI for school fee payment. A year later, it introduced Jodo Flex recurring payment service and started expanding its user base to cover coaching centres and colleges and schools across India.
This year, the company rolled out the Jodo Pay customised payment gateway solution and a revenue management system for institutes. The company caters to the private education sector, a high-value $100 billion-plus annual spend category lacking the right financial products.
Jodo’s founders said, “Education fee payments, one of the most important and high value spend categories, has seen little innovation and is lagging in digitisation. At Jodo, we have built industry-first payment and lending products grounds-up, keeping the requirements of parents, students, and educational institutes in focus.”