The importance of introducing young people to finance at a relatively early age is becoming more widely recognized. Parents are attempting to teach children, particularly teens, the best money management skills rather than waiting until much later in life for them to figure it themselves. This is relevant since more and more kids are looking to take on modest projects or activities to gain experience in the real world, improve their abilities, and earn money.
The goal of Mumbai-based Funngro is to assist teens in achieving all of the aforementioned goals in a more effective and organized manner.
Funngro, a company founded in 2021 by finance professionals Payal and Anik Jain, gives kids the chance to work for real-world experience, learn about finance, and make money. Anik, who founded Symbo the first time, has expertise in growing startups, while Payal was the Customer Success Director of Worldline Global, a company that processed digital payments.
CEO and co-founder Payal told Entrackr, “We started Funngro with the sole aim of helping teenagers understand the value of money, but not in a boring preachy manner.”
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To get started on Funngro, teenagers have to be above 14 years of age and have parental approval. Parents also have the option to bar their kids from earning. Payal said teenagers can pick up to five projects at a time to help balance their studies.
Teenagers can then register on the platform and pick areas of interest from topics like social media marketing, website design, video creation, voice-over, content writing, and more.
That said, India has a sizable population of adolescents. Funngro is trying to focus on this vast population that now has access to technology and marketing skills in tier 1 and tier 2 cities. The company aims to be the go-to platform for all things earning and finance-related for teenagers in the country. It aims to acquire 5.5 million users in the next three years.
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There are a bunch of fintech platforms in India that are targeting teenagers.
For instance, FamPay gained wide attention last year when it raised $38 million in a series A funding led by Elevation Capital. The round also saw participation from notable VCs like Sequoia Capital India, Venture Highway, and Y Combinator. Other well-known names in the teenagers-focused fintech platforms are Muvin and Junio.
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Funngro, however, is looking to stand out from these firms by focusing on financial education and real-life work experiences.
Shark Tank India 2: Namita Thapar Invests In FunnGro, Says ‘Teenagers Today Are Very Ready To Learn & Earn’
In this episode, the sharks looked for profitable enterprises to invest in, ranging from gory gifts to products made from goat or camel milk.
The most recent episode of “Shark Tank India Season 2” included a diverse range of pitches. In this episode, the sharks looked for profitable enterprises to invest in, ranging from gory gifts to products made from goat or camel milk.
A food brand named Where’s The Food (WTF) made a pitch to open the show. The founder, who had a background in sales and marketing, was perplexed by the questions sharks asked. Additionally, he received some harsh criticism and was advised to improve his “listening” skills. Not a single shark invested in his company.
Teenagers’ skills-based earning opportunity brand Funngro made the second pitch. The founders responded by outlining how their approach differs from Peyush Bansal’s comparison of the brand to Freelancers and Upwork.
Later, Aman Gupta too changed his mind, citing “ethical grounds” and the belief that children should learn these days rather than work. Namita Thapar disagreed, stating that this is the first time she has disagreed with Aman even though they generally agree on everything. She expressed her belief that today’s teens are extremely prepared to learn and work.
Funngro received an offer of Rs. 50 lakhs for 4.16% equity from Namita and Amit Jain.
The third pitch by Aadvik impressed the sharks, particularly with their sales. The company sells camel and goat milk and chocolates made from the same. However, most sharks did not wish to invest in their business as it was already profitable and a very difficult niche category to make.
Later, Amit Jain made an offer of Rs. 15 lakh for 1.5% equity and Rs. 45 lakh debt at 12% interest which was accepted by the entrepreneur duo.
The fourth pitch was made by a gifting brand which created quite some hilarious moments during the show for its naughty gifting section.
Oye Happy impressed the judges with their sales but all sharks refused to invest in their business for scalability and repeat orders.
‘Shark Tank India 2’ is judged by Anupam Mittal (Founder and CEO of Shaadi.com – People Group), Aman Gupta (Co-Founder and CMO of boAt), Peyush Bansal (Founder and CEO of Lenskart.com), Namita Thapar (Executive Director of Emcure Pharmaceuticals), Vineeta Singh (Co-Founder and CEO of SUGAR Cosmetics), and Amit Jain (CEO and Co-founder of CarDekho Group and InsuranceDekho.com).
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