Jodo, a fintech in the educational payments space, announced its series A funding of USD 15M led by Tiger Global. The round also saw participation from existing investors, Elevation Capital and Matrix Partners India, from whom Jodo has previously raised USD 4M.
Jodo was founded in 2020 by Atulya Bhat, Raghav Nagarajan & Koustav Dey who believe deeply in the power of contextual financial products. They decided to start Jodo when they noticed that many households face difficulty when paying education fees due to the lack of flexible payment options available.
Jodo’s first set of offerings is a suite of specialized payment and lending products to make fee payments convenient & affordable for parents of students while making fee collection hassle-free for educational institutes. The company is currently focused on catering to the private education sector, a high-value $100B+ annual spend category without the right financial products.
The funding will be used to accelerate product innovation & sales, and further, grow the Jodo team. The Jodo founders said Education fee payments, one of the most important & high-value spend categories, has seen little innovation & is lagging in digitization. At Jodo, we have built industry-first payment & 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 Payment solutions specific to education fee collections are the need of the hour. The last couple of years, through the pandemic, has been a difficult time for institutes and parents alike. Fee realisation has been low for institutes as they have not been able to offer multiple payment plans catering to the varying needs of parents. With Jodo’s products, institutes are able to offer multiple flexible payment options while increasing their fee realisation and digitising the entire collection process.
Jodo’s products currently power fee collection for 700+ educational institutes and have facilitated fee payments for over 100K+ students. Their solutions ensure a seamless fee experience for both schools and parents. Institutes are able to get a predictable inflow of payments, improve collection efficiency and decrease the fee collection window. On the other hand, parents can pay fees in a schedule that is most convenient.
Jodo is poised to be a leader in the education payments space having grown 10X year on year since its founding, with its products being adopted at a rapid pace.
Alex Cook, Partner, Tiger Global said, Jodo is modernizing payments and credit for India’s education market by increasing convenience and affordability for parents and providing a better workflow for schools and institutions. We are very impressed with Jodo’s progress and are excited to partner with them as they expand the product suite and become available at more schools.
Mridul Arora, Partner, Elevation Capital said we’re privileged to renew our partnership with Atulya, Koustav, and Raghav. 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. We wish them all the best in the next phase of their journey.
We’re believers in the vertical payments + fin services opportunity – every industry and market participant has adopted digital payments and digital ways of working. Jodo is poised to be a leader in vertical payments, integrating business workflows and finance, starting with education payments. We’re delighted to reinvest to deepen our partnership with Atulya, Koustav & Raghav, and welcome Tiger Global to the partnership”, commented Vikram Vaidyanathan, Managing Director, Matrix India