Latest Jodo Startup News
Tiger Global Management, one of the largest venture capital firms in the world, has led a $15 million investment round in Jodo, a social media platform for businesses which was participated by existing investors Elevation Capital and Matrix Partners India. The investment values Jodo at $90 million.
Jodo, an academic-focused fintech startup, creates payment solutions that make it easy and affordable to pay for education. It also simplifies fees collection for educational institutions.
This is a big vote of confidence in Jodo, which has only been in operation for a little over a year. The company is based in Bangalore, and was founded by Atulya Bhat, Koustav Dey, & Raghav Nagarajan.
The investment from Tiger Global will be used to help Jodo tweak its products, catalyse sales and expand its team according to a press statement by Jodo.
Fintrackr was able to decode the Series B round through regulatory filings. Jodo has not disclosed any details. According to filings, Tiger led the round with Rs 78.5 crore. Elevation and Matrix were existing investors and each contributed Rs 19.6 crore.
Jodo assists middle-income families with their academic expenses. The company also helps schools digitise the collection process, and offers multiple payment options. It is able to collect fees for more than 700 schools and facilitate fee payments for more than 15,000 students.
After two years, the Series A round has been completed for the Bengaluru-based firm. It raised $3.8million from Matrix and Elevation, as well as 15 angels, including Amit Rajan and Nithin Kamath (through Rainmatter Capital), Softbank’s Sarthak Mitra and CRED's Kunal Shaikh. Entrackr reported exclusively on Jodo's seed round.
After the Series A round, Tiger now holds 11.24% of Jodo's shares. Matrix and Elevation each own 13.35%. Atulya T. Bhat, Raghav Nagarajan and Koustav dey are the co-founders. They collectively hold 52.75%. It is worth noting that all three are ex-executives of Matrix Partners India.
This is a big win for Jodo, and it is sure to help the company attract more customers and grow its business.
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