Jupiter Raises INR 20 Cr From Peak XV, Matrix, Others For NBFC Arm Amica Finance

Neobanking startup Jupiter has raised INR 20 Cr (about $2.4 Mn) in the maiden funding round for its non-banking financial (NBFC) arm Amica Finance.

As per the regulatory filings accessed by Inc42, the funding round saw participation from Peak XV Partners, Matrix Partners India, BEE Accelerate Fund, QED Fund, Global Founders Capital, Tiger Global, among others.

The development was first reported by Entrackr.

Amica Finance raised the funding by allotting 97.89 Lakh Series A compulsory convertible preference shares (CCPS) at INR 20.43 apiece. 

While Peak XV infused INR 5.25 Cr, Matrix Partners India invested INR 4.32 Cr. QED Fund infused INR 3.58 Cr in Jupiter’s NFBC arm.

Amica Finance said it would use the proceeds to meet the general corporate needs of the company.

It is pertinent to note that Jupiter received the NBFC licence from the Reserve Bank of India (RBI) in April last year. 

Earlier this year, rating agency ICRA said in a report that Amica Finance leverages the Jupiter platform and its client base for loan originations, in addition to funding access in the form of inter-corporate deposits. 

The NBFC provides short-term unsecured personal loans with an average ticket size of about INR 26,000 for non-interest-bearing loans and about INR 31,500 for interest-bearing loans, as per ICRA.

Amica Finance began loan disbursements in June 2023 and had assets under management (AUM) of INR 60.5 Cr as of September 30, 2023, with the cumulative disbursements of INR 94.1 Cr during H1 FY2024, the rating agency said.

Founded in 2019 by serial entrepreneur Jitendra Gupta, Jupiter offers a range of financial services, including debit cards, SIPs, mutual funds, personalised savings options, expense management, and UPI payments.

It has raised a total funding of about $169 Mn till date and counts the likes of Tiger Global, Peak XV Partners, and Matrix Partners among its investors. 

Last week, it was reported that Jupiter has received a prepaid payments instrument licence from the RBI and the startup plans to introduce a prepaid account facility in the coming months.

Jupiters’ consolidated net loss more than doubled year-on-year to INR 327 Cr in the financial year 2022-23 (FY23), while operating revenue soared over 1,500% to INR 7.1 Cr.

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