Jupiter, a Mumbai-based startup offering online retail banking services to assist the users in keeping an eye on their expenditure, has raised US$ 86 million in a Series C funding round co-led by Tiger Global Management, Sequoia Capital India and QED Investors on 27 December 2021.
Investors: The latest investment round featured Sequoia Capital India, QED Investors and Tiger Global Management as the lead investors with participation from Rocket Internet, Nubank, MUFG Bank, Matrix Partners India, Mirae Asset Venture Investment, BEENEXT and 3one4 Capital. The startup has managed to raise, in total, US$ 155 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards scaling its tech platform and plans to captivate 2 million users by the end of 2022. It also aims to introduce new generation banking services.
About Jupiter
Brought to existence in 2019 by Jitendra Gupta and Vishnu Jerome, Jupiter functions as a digital retail bank specialising in business and management consultancy, market research, legal, accounting, book-keeping, auditing activities, tax consultancy and public opinion polling. The startup asserts to have attracted more than 0.5 million customers since its inception, onboarding 5,000 to 6,000 clients every day in recent time. The firm has joined hands with the Federal Bank to give bank accounts to customers. It has successfully managed to receive deposits valuing more than US$ 13.4 million in October. Jupiter provides a savings account coupled with several features that assist in money management, besides other offerings. It seeks to develop a consumer banking interface combined with essential finance management solutions.
What the Founder has to say: “We strongly feel that we are best-placed under the prevailing conditions as the users are embracing technology faster than estimated before. Today, users are engaged in finding a platform where they can obtain more experience for handling their finances instead of being satisfied with only a simple, conventional banking app.”- Jitendra Gupta, Founder and CEO of Jupiter.
What the Investor has to say: “It is exhilarating to financially assist the neobanking platform as Jupiter persists in fostering a new-age consumer banking experience for the Indians. We have received a strong positive response on Jupiter in our survey from customers, and we believe they have great potential.”- Alex Cook, Partner at Tiger Global Management.
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