Bharosepe Technology Services Pvt. Ltd, which operates financial-technology firm Jodo, has raised Rs 28.5 crore ($3.8 million) in seed funding, according to reports.
The Bengaluru-based company has raised this capital from investment firms including Matrix Partners, SAIF Partners, and a clutch of high net-worth angel investors, Entrackr reported, citing regulatory filings.
Angel backers include Amit Rajan; Zerodha founder Nithin Kamath, who invested via Rainmatter Capital; SoftBank’s Sarthak Misra; and Kunal Shah, who invested through QED Innovation Labs.
Both Matrix and SAIF Partners have each picked up a stake of 13.08% in Jodo for Rs 13.9 crore each. The angel investors, meanwhile, have cumulatively invested Rs 70 lakh in the company, per the report.
VCCircle has reached out to the startup on the details of this fundraising exercise and will update this report accordingly.
Jodo was set up earlier this year by Atulya Bhat, Raghav Nagarajan and Koustav Dey, all of whom have worked at Matrix. According to its website, the company currently helps parents pay their children’s monthly school fees.
However, Jodo also says that it aims to be a full-service financial services company, with its products helping people meet their needs.
Deals in the fintech space
Investor interest in the financial-technology segment has continued unabated despite the impact of the Covid-19 pandemic.
Earlier this month, group payments-focused goDutch raised $1.7 million (around Rs 12.81 crore) in a seed funding round led by Matrix. Other participants in the round included Y Combinator, Global Founders Capital, Soma Capital and VentureSouq.
Also this month, blockchain-based chit fund management platform ChitMonks raised about Rs 5 crore from early-stage investor Unicorn India Ventures.
Last month, Rainmatter Capital – the fintech-focused fund and incubator set up by online stock trading startup Zerodha – invested Rs 3.5 crore in GoldenPi Technologies Pvt. Ltd, a marketplace platform focused on fixed-income investments.