India: Fampay raises $38m from Elevation Capital, Sequoia, others

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Bengaluru-based FamPay, a payments app for teenagers, has garnered $38 million in its Series A funding round led by Elevation Capital, it announced on Wednesday.

The financing also saw major participation from existing investor Sequoia Capital India, the startup said in a statement. Other early investors, including Venture Highway, Y Combinator, Global Founders Capital and new Global Investors like General Catalyst, Rocketship VC, and Greenoaks Capital, too, pumped in capital.

FamPay said it will use the latest round of funding to build its leadership team to further fuel growth.

Founded in 2020 by IIT-Roorkee graduates Kush Taneja and Jain, FamPay makes it convenient for teenagers to make online and offline payments through the FamPay app as well as the FamCard – a numberless card for teens for secure payments. Teens can enable FamPay after their parent’s consent and start making payments without the need to set up a bank account.

“With around 40% 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 them young, we are building an early relationship with the future adults most brands eventually want to tap, making FamPay the gateway for brands to target GenZ,” Sambhav Jain, co-founder, FamPay said.

The startup claims to have over two million users on its platform currently, averaging 100 percent month-on-month growth. It had raised $4.7 million in its seed round from Y Combinator, Venture Highway, Sequoia India, and GFC (Global Founders Capital) a year ago.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.