Neobanking start-up Jupiter raises $86 mn at a valuation of $711 mn

Mumbai and Bengaluru-based neobanking startup Jupiter has raised $86 million from investors in its Series C round at a valuation of about $711 million.  

The latest round was co-led by Tiger Global, Sequoia Capital India and with US-based venture fund QED Investors also participating, alongside existing backers, such as Matrix Partners India. It also comes just a little over a month after the two-year-old company came out of beta mode, and officially launched its services. 

The neobanking start-up is targeting to have approximately 2 million users by December 2022. It is currently seeing 5,000 to 6,000 new users signing up each day, and has also recorded deposits of over Rs 100 crore in October this year. 

The fintech platform currently has over 0.5 million users – within five months of its early access launch in July. It has partnered with Federal Bank to provide bank accounts to consumers.

Jitendra Gupta, Founder and 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.” 

The company had last announced the closure of its $50 million Series B round in August 2021  which had valued the company at about $ 290 million. Prior to that, it had raised $25 million across its Seed and Series A rounds, while still operating in stealth mode. 

“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.

Jupiter will use the proceeds to further build its team and technology platform, while also preparing to launch a slew of products.

Existing backers of the start-up include Brazil-based Nubank, Global Founders Capital, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3One4 Capital and Beenext, among others.