VC Fund Investments
EdFintech startup Jodo raises $15-M from Tiger Global, others
Bangalore-based school fee-focused fintech startup Jodo has raised USD 15 million in a Series A financing round led by Tiger Global (contributing INR 78.5 crore) with participation of existing investors Elevation Capital and Matrix Partners India (who invested INR 19.6 crore each). The company is reportedly valued at around USD 90 million. Following the round, Tiger holds 11.24% stake in Jodo, while Matrix and Elevation own 13.35% each. Co-founders Raghav Nagarajan, Atulya T Bhat and Koustav Dey collectively own 52.75% stake. Jodo helps middle-income families manage the academic expenses of their children and also helps schools digitize the collection process with multiple payment options. It claims to power fee collection for over 700 schools, facilitating fee payments for over one lakh students. The proceeds from the new round will be deployed towards tweaking products, catalyzing sales and expanding the workforce.
From the Venture Intelligence PE-VC Deal Database: In Jul-20, Jodo had raised less than USD 4 million from Matrix, Elevation, Rainmatter Capital and angels.(Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
