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Neo-banking start-up Jupiter announced that it has raised $86 million in a Series C round co-led by Tiger Global and Sequoia Capital India. US-based venture fund QED Investors also participated in the round with existing investors including Matrix Partners India.
The round values Jupiter at $711 million. Other existing backers of Jupiter include Brazil-based Nubank, Global Founders Capital, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext, among others.
Fund deployment
The start-up plans to use the fresh capital to expand its team and further develop its technology platform and product offerings.
Jitendra Gupta - Founder & CEO of Jupiter said, “We feel that we are in a very unique time wherein consumers are adopting technology faster than expected. Consumers are looking for a place where they can get better experience for their finances rather than just a plain vanilla banking app. Jupiter is exactly focused on providing better personal finance experience to consumers in a very personalised and contextual way. We are thrilled to welcome new investors such as Tiger Global and having more faith from our existing investors such as Sequoia Capital India and QED who have chosen to increase their interest in the Company.”
“Sequoia Capital India has partnered with Jiten in every venture that he has started because the firm believes in his execution capabilities, resilience, and the ability to play the long game to re-imagine the future of financial services,” said Mohit Bhatnagar, MD, Sequoia India.
Following its launch in July this year, Jupiter currently has around 5,00,000 users. It has partnered with Federal Bank to provide accounts to consumers. Adding 5,000 to 6,000 new users every day, Jupiter expects to have around 2 million users by December 2022. As of October 2021, it had recorded over ₹100 crore in deposits.
Alex Cook, Partner at Tiger Global added, “We are excited to back the Jupiter team as they build a next-gen consumer banking experience for India. We heard very positive feedback on Jupiter when we surveyed customers and we think they are just getting started.”
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