Teenager-focused payments app FamPay has announced that it has raised $38 million in a Elevation Capital led Series A funding round.
Existing investors including Y Combinator, Sequoia Capital India, Venture Highway, Global Founders Capital, along with new investors Greenoaks Capital, General Catalyst and Rocketship VC partcipated in the financing round.
“With around 40 percent of the Indian population being below 18, every year millions of new teenagers will start using their first smartphone, and FamPay envisions becoming their go-to brand. By connecting with the young, we are building an early relationship with future adults most brands eventually want to tap, making FamPay the gateway for brands to target GenZ,” said Sambhav Jain, Co-founder of FamPay, in a statement.
“India today has a sizeable population of 250 million adolescents, and we believe that catering to this unserved audience with innovative products contextualised to their needs and behaviours will create a very valuable business”, added Mridul Arora, partner at Elevation Capital.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.