PE-VC Fund Investments
Neobank Jupiter raises $15-M from Mirae Asset, BeeNext, others
Mumbai-based fintech startup Jupiter Money has raised USD 15 million (INR 115 crore) in a new funding round from existing investors Mirae Asset Venture Investments, BeeNext, and 3one4 Capital. The company's founder, Jitendra Gupta, also participated in this round.This funding round occurred at a flat valuation of USD 600 million, matching its previous USD 85 million infusion in 2021. Jupiter Money offers credit and insurance distribution, credit cards, personal loans, and wealth management solutions. It also holds a prepaid payment instrument (PPI) or mobile wallet licence from the Reserve Bank of India (RBI). The new funds would be used primarily to help the business reach a break-even point and achieve cash positivity. Jupiter Money claims to serve about three million customers. The company's revenue run rate is over INR 150 crore.
Between Oct 2019 and Dec 2022, Jupiter Money had attracted about USD 178 M from 3ONE4 Capital, Beenext, Mirae Asset Global Investments, MUFG Innovation Partners, Peak XV Partners, QED Investors, Rocket Internet, Tiger Global, Z47 and others.
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