Jodo, an Indian fintech startup focused on education payments, has raised $15 million in a fresh funding round led by New York-based investment firm Tiger Global.
Existing investors Elevation Capital and Matrix Partners India, from whom Jodo raised $4 million in 2020, also participated in the round.
The company said it will use the funds to accelerate its product innovation and sales, as well as increase its staff.
Founded in 2020 by Atulya Bhat, Raghav Nagarajan, and Koustav Dey, Jodo provides a suite of specialized payment and lending products to make fee payments convenient and affordable for parents of students. It also makes fee collection hassle-free for educational institutes.
Jodo provides lending products through non-banking financial company (NBFC) partners to help students and their parents finance education.
Jodo currently partners with over 700 education institutions in the country, of which 40% are offline schools in the kindergarten to grade 12 (K-12) segments.
Jodo has catered to over 100,000 students on its platform since its inception.
With the latest funding, Jodo plans to scale up its education partnerships to 5,000 institutes over the next 18 months, including schools, colleges, and offline coaching centers, and help 1.5 million students with their fee payments.
Apart from providing payments, lending, and loyalty benefits around fee payments, Jodo is also planning to launch newer products to manage payouts made by education institutes, as well as launch an education-saving product for parents.
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