Akudo has raised $4.2 million in a funding round led by Y Combinator, JAFCO Asia, Incubate Fund India, and AET Fund. The funding round also saw support from Tribe Capital, Cabra Capital, and Groww Co-founder Lalit Keshre.
The startup will use the fresh funds to grow its team of 12 to 50 in the next 12-18 months. It will also utilise the capital to improve its product offering to reach 1 million customers by the following year, Co-founder Sajal Khanna said.
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Founded in August 2020 by Lavika Aggarwal, Khanna, and Jagveer Gandhi, Akudo gives personalised prepaid Visa cards to teenagers and supports a financial first learning environment by features such as auto-save and other components for building a habit of saving. Teens are rewarded for their excellent economic behaviour through gamified rewards. The startup offers solutions for learning money management through knowledge, practice, and habit building
