Neo-banking startup Jupiter has raised Rs 641.40 crore ($ 86 million) from investors led by Tiger Global and Sequoia Capital as part of a Series C funding round.
That brought the company’s valuation to around $ 711 million (over Rs 5,302 crore), Jupiter said on Wednesday. Simply put, neo-banks are digital banks with no physical branches.
The latest round of funding was co-led by Tiger Global, Sequoia Capital India and US venture capital fund QED Investors, alongside existing investors such as Matrix Partners India.
The funding also comes just over a month after the two-year-old company exited beta and officially launched its services, he said in a statement.
The Brazilian company Nubank, Global Founders Capital, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext, among others, are Jupiter’s existing investors.
Jupiter has already attracted over 5 lakhs of users in a short period of time when it launched in Early Access in July. Jupiter has partnered with the Federal Bank to provide consumer bank accounts, the company said.
Jupiter aims to onboard around 20 lakh users by December 2022.
Founder and CEO Jitendra Gupta said, “We believe we are living in a unique period where consumers are adopting technology faster than expected. Consumers are looking for a place where they can get a better experience for their finances rather than just a vanilla banking app. ” The company is exactly focused on providing a better personal finance experience to consumers in a personalized way and contextual, he said.
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