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

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.

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