Jupiter Nets $15 Mn At A Flat $600 Mn Valuation

Neobanking Startup Jupiter Explores Stake In SBM Bank India

SUMMARY

The strategic round saw participation from existing backers Mirae Asset Venture Investments, BEENEXT, 3one4 Capital, and founder Jitendra Gupta

Jupiter bagged the fresh funds at a flat valuation of $600 Mn, the same at which it was pegged during its last fundraise in 2021

Jupiter slashed its net losses by 16% YoY to INR 275.94 Cr in FY24, while operating revenue soared 404% YoY to INR 35.85 Cr during the fiscal under review

Fintech startup Jupiter has reportedly raised $15 Mn (INR 115 Cr) in a strategic funding round from existing backers Mirae Asset Venture Investments, BEENEXT and 3one4 Capital.

Sources told Economic Times that the startup‘s founder Jitendra Gupta also participated in this round in his personal capacity. As per the report, Jupiter bagged the fresh funds at a flat valuation of $600 Mn, the same amount at which it was pegged during its last fundraise in 2021.

“We will use this funding primarily to reach a break-even point for the business. The previous round was mainly for growth. We hope to turn cash positive with this money and will not need any more funds for business operations,” Gupta reportedly said.

Founded in 2019 by serial entrepreneur Gupta, Jupiter offers a range of financial services, including credit cards, SIPs, mutual funds, expense management, UPI payments and other wealth management services.

Last year, the company secured the prepaid payments instrument (PPI) licence from the Reserve Bank of India to offer digital wallets. Later on in July this year, the company also bagged a direct insurance broker licence from the Insurance Regulatory and Development Authority of India (IRDAI) to offer insurance distribution.

Backed by marquee names such as QED Investors, Peak XV Partners and Tiger Global, the fintech platform has raised more than $150 Mn in funding to date.

While Jupiter is yet to file its FY25 numbers, sources reportedly said that the company is currently clocking a revenue run rate of over INR 150 Cr and catering to 3 Lakh users. Going forward, the fintech startup is said to have set a target of achieving breakeven and doubling its user base in the next two to three years.

That said, on the financial front, Jupiter managed to narrow its net losses by 16% to INR 275.94 Cr in FY24 as against INR 327.04 Cr in the previous fiscal year. This came on the back of the fintech startup’s operating revenue jumping 404% to INR 35.85 Cr during the fiscal under review from INR 7.11 Cr in FY23.