- Funngro expands its offering from money management for teens to offering the first-of-its-kind Teenlancer program bringing innovative talent solutions for companies and Teenagers in India
- The program will provide holistic development for teens and young adults to earn, learn and manage their money
Funngro (currently incubated at Afthonia Lab – a fintech incubator), India’s leading money management firm for teens, today announced India’s first Teenlancer program focusedon empowering Indian teens to earn, learn and manage their financial welfare. Funngro, started up a year ago as a teenage focussed money management platform but quickly realised a critical gap in the market for teenagers to explore wealth creation. This has now led to the start-up expanding its offering from just money management to wealth creation opportunities, thus becoming a one-stop platform for teenagers to make and manage money from a young age.
The programs on the platform will extend opportunities for teens to work with companies across geographies on different projects of their interest. The program can enable 20 crore population of teens in the nation to gain valuable real-world working experience and hone their skills with curated programs and on the job training. This brings a very high-quality talent for start-ups in India helping Indian companies grow faster.
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In the coming <year/quarter/timeline> Funngro is targeting a potential user base of 120 cr teens across the world with an initial focus on 2 cr teens in India who have access to technology, have marketable skills and are based in tier 1 and tier 2 cities. In a span of 5 years, Funngro aims to become the preferred partner for all things earning and money for Teens in India and focus on providing earning solutions to teens while enabling them to acquire relevant skills and manage the money earned. In the next 3 years, the company aims to reach 5.5 million users in India with annual revenue of INR 90 cr and a gross transactional value of INR 2500 Cr.
Speaking on the occasion, Payal Jain, Co-founder, Funngro said “We started with the keen focus on empowering teens to manage their finances and educate them on financial well-being. After acquiring our first 5000 customers, the queries around finding opportunities to earn money and gain real work experience increased substantially, prompting us to pivot our current business model. Through our collaboration with various companies and enthusiastic teenagers, we hope to create a holistic ecosystem of financial literacy and understanding. We are currently solving this problem for 20 cr teenagers, 30% of whom are already equipped to work with real companies and contribute to their growth.”
Funngro’s business model is strongly supported by encouraging teenagers worldwide to earn, learn and manage finances from an early stage. The start-up now has 23,000 plus users with a deep engagement rate and 10X transaction volume growth quarter on quarter. The company has witnessed more than 100 registered companies who have completed more than 80 projects with a repeat rate of 2.2%, clearly proving the evolving need for teen talent and high-quality work delivery. The CAC for Teens for Funngro is down to INR 10 and CAC for companies is INR 1000 and has achieved a deep engagement rate with close to once a week use by the average consumer.
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Adding to this view, Anik Jain, Co-founder, Funngro said, “Teens offer an untapped talent pool for companies that can help startups, SMEs and large companies grow rapidly with help of innovative ideas and timely project delivery. Given the immense interest shown by Teens in our offering, we believe the impact that we can make on the future of the country and the next generation is the biggest reward that Funngro can aim for. We are truly excited as we are solving talent issues for companies and opportunity challenges for Teens and in the process making a positive impact on our nation’s future”.
Currently, hundreds of companies are offering projects to more than 20,000 teenagers in the areas of content creation, social media marketing, app & website development, research, survey and a lot more. With the age group of 14-20 years, Funngro has received substantial interest from tier I and II cities of India. The company further plans to expand their footprints across the grassroots of India and grow the user base by offering programs in vernacular languages.
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Funngro(a fun way to grow) is created by educators, tech enthusiasts, Engineers, Finance experts and most importantly, loving parents. Funngro assists the teens on their path to financial independence. Funngro app is live on android and ios with deep engagement of Teens and parental oversight. Teens are empowered to engage with companies for real-world projects, get a prepaid card and manage expenses, improve skills with learning modules and seek parental approval with Funngro to kick-start their financial journey.
Funngro enables Teens to earn money by working with real companies on projects in the area of their interest and provide real world experience and first-time earnings for Teens. The target is to expand into the remote city of the country and introduce the app into various vernacular languages for the target audience.