Total amount raised
$169.5 Millions
Latest funding date
Location
Title
Jupiter has successfully raised significant funding through multiple rounds, establishing itself as a notable player in the digital banking sector. The platform offers a comprehensive suite of financial services, including savings accounts, credit cards, and personal loans.
Keep reading to delve into the details of Jupiter's funding journey and the investors who are supporting this innovative financial platform.
What Is Jupiter?
Jupiter, founded on August 1, 2019, is a digital banking app based in Mumbai, Maharashtra, India. The company was established by Jitendra Gupta and has grown to employ between 501 and 1000 people.
Jupiter offers a comprehensive app for managing money, providing services such as salary accounts, credit cards, personal loans, and mutual funds. The platform also delivers actionable financial insights and rewards to its users.
With a focus on transparency and user-friendly features, Jupiter aims to simplify financial management for its customers, helping them navigate their finances with ease.
How Much Funding Has Jupiter Raised?
- Seed Round
- Amount Raised: $24M
- Date: November 2019
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the initial operations and develop the digital banking platform.
- Series A
- Amount Raised: Not publicly disclosed
- Date: April 2020
- Lead Investors: Hummingbird Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the app's features.
- Series B
- Amount Raised: $45M
- Date: August 2021
- Lead Investors: Global Founders Capital, Nubank, Peak XV Partners, Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Series C
- Amount Raised: $86M
- Date: December 2021
- Lead Investors: Peak XV Partners, QED Investors, Tiger Global Management
- Valuation at Round: $710M
- Motivation Behind the Round: To further expand the product offerings and enhance customer experience.
- Debt Financing
- Amount Raised: ₹1B
- Date: December 2022
- Lead Investors: Alteria Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the lending operations and manage liquidity.
- Venture Round
- Amount Raised: $2.4M
- Date: June 2024
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the NBFC arm and enhance lending capabilities.
Total Amount Raised: $157.4M
Current Valuation: $710M
Key Investors
- Peak XV Partners
- Details: Peak XV Partners is a venture capital firm known for investing in early-stage and growth-stage companies. They have a strong presence in the fintech sector.
- Investment Focus Areas: Fintech, healthcare, consumer internet.
- Notable Investments: Byju's, Swiggy, Unacademy.
- QED Investors
- Details: QED Investors is a venture capital firm focused on investing in early-stage, disruptive financial services companies. They have a significant portfolio in the fintech industry.
- Investment Focus Areas: Fintech, insurtech, proptech.
- Notable Investments: Credit Karma, SoFi, Nubank.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on private and public companies in the global internet, software, consumer, and financial technology industries. They are known for their aggressive investment strategy.
- Investment Focus Areas: Internet, software, consumer, fintech.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Global Founders Capital
- Details: Global Founders Capital is a global venture capital firm that invests in technology companies at various stages. They have a broad investment portfolio across different sectors.
- Investment Focus Areas: Technology, e-commerce, fintech.
- Notable Investments: Facebook, LinkedIn, Zalando.
- Hummingbird Ventures
- Details: Hummingbird Ventures is a venture capital firm that invests in seed and early-stage companies across various sectors. They have a strong focus on technology and innovation.
- Investment Focus Areas: Technology, fintech, healthcare.
- Notable Investments: Deliveroo, Showpad, Peak Games.
What's Next for Jupiter?
Jupiter's recent strategic funding round for its NBFC arm, Amica Finance, opens up significant opportunities. With a fresh INR 20 Cr investment, the company is poised to expand its lending capabilities and enhance its payment solutions. The acquisition of an NBFC license and a prepaid payment instruments license from the RBI further solidifies its position in the fintech sector.
Future fundraising seems promising, given the strong backing from investors like Peak XV Partners and Matrix Partners. However, challenges such as managing operational costs and regulatory compliance could pose hurdles. As Jupiter scales its operations, maintaining a balance between growth and profitability will be crucial.
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