Biography of Sambhav Jain: Founder of FamPay, Entrepreneur, Mentor & Business Strategist
Story of Sambhav Jain: Championing Financial Independence for the Yout
Sambhav Jain, an accomplished entrepreneur and business
strategist, is the founder of FamPay. Recognized by Forbes 30 Under 30 Asia in
2021, he has also dedicated time to mentoring students at IIT-Roorkee through
the Mentor Together program. With a clear vision to empower the younger
generation, Sambhav has carved a niche in the fintech industry by focusing on
financial literacy and independence for children below the age of 18.
Early Education and High School Achievements
Sambhav Jain, a notable entrepreneur recognized by Forbes 30
Under 30, began his educational journey at BJM Carmel Academy in Chandrapur. He
excelled academically, achieving a perfect grade of 10.0 upon completing his
tenth grade in 2013.
College Years at IIT Roorkee
Sambhav continued his education at the Indian Institute of
Technology (IIT) Roorkee, where he pursued a Bachelor of Technology (BTech) in
Civil Engineering from 2015 to 2019. During his time at IIT, he was actively
involved in various extracurricular activities. He participated in the
Student's Affairs Council, the Choreography and Dance Section, and was a
contingent member at the Inter-IIT Cultural Meet in 2017. His contributions and
achievements earned him the Legacy of UOR '81 award. Additionally, he served as
the Social and Cultural Secretary at Rajendra Bhawan and engaged in
video-making and production.
Entrepreneurial Endeavors and Y Combinator
After graduating from IIT Roorkee, Sambhav participated in
the Summer Batch 2019 of Y Combinator, a prestigious startup accelerator program.
This experience further fueled his entrepreneurial spirit and provided him with
valuable insights and connections in the startup ecosystem.
Business Operations at RIVIGO
In the summer of 2017, Sambhav worked with the Business
Operations Team at RIVIGO in Gurgaon. During his two-month tenure, he led
business operations for 16 franchise partners, managing over 20,000 successful
consignments.
Experience with Disney+ Hotstar and AEON Learning
Before fully dedicating himself to Fam, Sambhav worked on
the Product Team at Hotstar from December 2018 to February 2019, where he
improved traffic, engagement, and retention for the news section. Additionally,
in the summer of 2018, he contributed to AEON Learning by revamping their
website and enhancing their internal order management system.
Founding FamPay
FamPay, established in 2019 and based in Bengaluru, is a
groundbreaking app designed to enable children to achieve financial
independence. The app allows kids to perform online transactions without
relying on their parents for banking details or one-time passwords (OTPs). This
innovative approach simplifies the process for young users and helps them manage
their finances independently.
The Journey and Inspiration
The journey of FamPay began when Sambhav and his co-founder
applied to Y Combinator during their final semester. Their primary goal was to
address the lack of financial literacy among children in India. Sambhav
highlights that in many Western countries, children receive pocket money and
have opportunities to earn through part-time jobs. These practices instill the
importance of earning, spending wisely, and saving money from a young age.
Innovative Financial Independence for Teens
FamPay's platform allows children under the age of 18 to
conduct online transactions independently. It replicates the essential features
of net banking and card transactions without requiring parental intervention
for banking details or one-time passcodes (OTPs). This innovative approach
ensures that the youth can manage their finances autonomously and responsibly.
Biography of Sambhav Jain: Founder of FamPay, Entrepreneur, Mentor & Business Strategist/Success story of Sambhav Jain/Story of FamPay/Life Sambhav J
Funding and Growth
In its initial stages, FamPay raised $4.7 million in seed
funding from prominent investors, including Y Combinator, Venture Highway, and
Sequoia India. This funding has propelled FamPay towards becoming a leading
solution in the FinTech space, dedicated to transforming how young people
interact with money and manage their finances.
Introducing Pocket Money in India
FamPay aims to bring the concept of pocket money to India,
helping children understand the value of money and how to manage it
effectively. The app provides a teen-focused platform where users receive a
virtual card functioning like a debit card for online transactions. Parents can
set a budget, allowing their children to learn budgeting and responsible
spending.
Empowering Financial Literacy
Sambhav emphasizes the importance of financial literacy in
fostering independence among the youth. By using FamPay, children can make
their own spending decisions, learn about budgeting for entertainment and
necessities, and develop saving habits. This early exposure to financial
management equips them with essential life skills.
Funding and Growth
FamPay has seen significant growth since its inception. In
July, the startup raised $38 million in a Series A funding round led by
Elevation Capital, with major participation from existing investor Sequoia
Capital India. The platform now boasts over two million registered users,
indicating its widespread acceptance and success in the market.
Mentoring and Community Involvement
Apart from his entrepreneurial ventures, Sambhav is deeply
involved in mentoring the next generation of innovators. His work with the
Mentor Together program at IIT-Roorkee reflects his commitment to guiding
students and helping them navigate their entrepreneurial journeys. His
experience and insights are invaluable to aspiring entrepreneurs looking to
make their mark.
Vision for the Future
Sambhav Jain’s vision for FamPay extends beyond just
financial transactions. He aims to create a generation of financially literate
and independent individuals who can make informed decisions about their money.
By introducing innovative solutions and fostering a culture of financial
awareness, FamPay is poised to revolutionize how the younger generation
interacts with money.
Podcast and Media Presence
Sambhav’s entrepreneurial journey and the success of FamPay
have been featured in various media outlets, including the 100X Entrepreneur
Podcast. In these platforms, he shares his experiences of starting up from
college dorms, the challenges faced, and the milestones achieved. His story
serves as an inspiration to many young entrepreneurs who aspire to create
impactful solutions.
Conclusion
Sambhav Jain’s work with FamPay underscores the importance
of financial literacy and independence for the younger generation. By providing
a platform that empowers children to manage their finances, he is paving the
way for a financially aware and responsible future. His dedication to mentoring
and community involvement further highlights his commitment to fostering
innovation and leadership among the youth.
Timeline for Sambhav Jain’s story
2013: Sambhav Jain completes his tenth grade at BJM Carmel
Academy with a perfect grade of 10.0.
2015-2019: Sambhav attends IIT Roorkee, pursuing a BTech in
Civil Engineering and actively participates in various extracurricular
activities.
Summer 2017: Works with the Business Operations Team at
RIVIGO in Gurgaon.
Summer 2018: Contributes to AEON Learning by revamping their
website and enhancing their internal order management system.
Dec 2018 - Feb 2019: Works on the Product Team at Disney+
Hotstar, improving traffic, engagement, and retention for the news section.
Summer 2019: Participates in Y Combinator’s Summer Batch
2019.
2019: Founds FamPay, an app enabling financial independence
for children.
2021: Recognized by Forbes 30 Under 30 Asia.
July 2021: FamPay raises $38 million in a Series A funding
round led by Elevation Capital.
2021: FamPay reaches over two million registered users.
