Jupiter, Indian Neobanking Startup Secures $12 Million in Venture Debt Financing

India-based neo-banking start-up Jupiter has raised INR 100 crore ($13.5m) in venture debt from Alteria Capital to fund the expansion of its lending products. 

The Mumbai- and Bengaluru-based firm counts Tiger Global, QED Investors, Sequoia Capital India, Matrix Partners India, Nubank, Global Founders Capital, and Mirae Assets Venture among its blue-chip investor list.

Big moves made

Jupiter aims to roll out new investments and credit-focused products in 2023, with CEO Jitendra Gupta saying the funding from Alteria will help the firm build an “all-inclusive and innovative platform for cutting-edge financial services products”. 

Gupta added that Jupiter is looking to provide “accessible and affordable credit options” to its customers in the coming year.

Vinod Murali, managing partner and co-founder of Alteria Capital, described Jupiter as a “strong brand in the personal finance app space for Indian consumers”, adding that “providing customised and agile credit products is going to be an important differentiator and Jupiter is well placed to target this opportunity”.

“As we enter the new year, we at Jupiter look forward to providing accessible and affordable credit options to our customers, thereby creating healthy credit growth in the country,” says Jitendra Gupta, founder and CEO of Jupiter.

Background

Founded in 2019 with offices in Mumbai and Bengaluru, Jupiter calls itself India’s largest digital banking and financial services platform for Indian millennials.

Through a mobile app, it offers customers a digital savings bank account, debit card, investments, personalised savings, expense management and UPI payments. It also recently rolled out an on-demand salary feature.

The neo-bank counts the likes of Tiger Global, QED Investors, Sequoia Capital India, Matrix Partners India, Brazil-based Nubank, Global Founders Capital, and Mirae Assets Venture as investors.