Tiger Global led a $15 million (about Rs 118.5 crore) fundraising round for Bharosepe Technology Services Pvt. Ltd., the firm that runs the educational payments startup Jodo.
Existing investors Elevation Capital and Matrix Partners India, from whom Jodo previously raised $4 million, took part in the round as well.
The funding will be utilised to speed up product development and sales as well as the expansion of the Jodo team, according to the startup.
In 2020, Atulya Bhat, Raghav Nagarajan, and Koustav Dey founded Jodo. Jodo is started by three co-founders, who have a pedigreed education background (IIT/IIM) and relevant experience in financial services (ex-Nomura, Goldman Sachs, Morgan Stanley, Barclays, Edelweiss Capital).
The company provides a variety of customized payment and loan products to make it easy for parents of students to pay tuition while also keeping it reasonable for educational institutions. Today, Jodo collaborates with more than 700 educational institutions.
“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. With this capital, we will double down on the momentum and continue to bring innovative financial products to market. We are thrilled to have Tiger Global join us in the journey, and thank Matrix Partners India and Elevation Capital for their continued support”, The startup founders said.
Mridul Arora, Partner, Elevation Capital said “The enthusiasm with which their products have been adopted by schools and parents alike proves that not only are they solving a deep pain point, but that they are doing so through tech-first solutions that are intuitive to use.”
Jodo is a fintech start-up building payment solutions to make education payments convenient & affordable for parents while simplifying fee collections for education institutes. Typically, parents/students end up paying education fees in lump sums as institutes don’t have the right payment solutions to offer flexible payment options. Jodo’s suite of products – Jodo Cred, Jodo Flex, and Jodo Pay – are custom-built recurring payment solutions that allow parents/students to pay their fees in a manner most convenient to them.