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Funding Alert: WallMantra Raises Rs 2 Crore, Neo-bank Jupiter Gets Rs 641 Crore

WallMantra said it plans to utilise the funds for strengthening its sales and marketing capabilities and introducing aesthetically pleasing decor products for the Indian and US markets.

Funding Alert: WallMantra Raises Rs 2 Crore, Neo-bank Jupiter Gets Rs 641 Crore
Funding Alert: WallMantra Raises Rs 2 Crore, Neo-bank Jupiter Gets Rs 641 Crore
outlookindia.com
2021-12-31T18:48:05+05:30

Home decor and furnishing startup WallMantra on Friday said it has raised Rs 2 crore from Fluid Ventures Fund in a seed round of funding.

The company plans to utilise the funds for strengthening its sales and marketing capabilities and introducing aesthetically pleasing decor products for the Indian and US markets, WallMantra said in a statement.

"Partnership with Fluid Ventures is going to help the brand substantially on our path to growth," WallMantra CEO and co-founder Jitesh Agarwal said.

The company claims to sell over 10,000 products every month on their website wallmantra.com, having a customer base of over 2.5 lakh across India.

Commenting on the investment, Fluid Ventures Founding Partner Amit Singal said that with the outbreak of the COVID-19 pandemic, home nesting became a necessity, and consumers started investing in enhancing their new homebound lifestyle.

“This lifestyle has been a driving force for WallMantra, which has been doing a tremendous job in innovating and launching products based on the continuous consumer buying behaviour, and this led to 90 per cent of the sales coming from their own website," he added.

In another development, Neobanking start-up Jupiter has raised Rs 641.40 crore from investors led by Tiger Global and Sequoia Capital in Series-C round of funding.

It has taken the company's valuation to over Rs 5,302 crore, Jupiter said on Wednesday. Simply put, neo-banks are digital banks without any physical branches.

The latest round of funding has been co-led by Tiger Global, Sequoia Capital India and US based venture fund QED Investors, alongside existing investors such as Matrix Partners India.

The funding also comes just a little over a month after the two-year-old company came out of beta mode, and officially launched its services, it said in a statement.

Brazil-based Nubank, Global Founders Capital, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext, among others, are the existing investors in Jupiter.

Jupiter founder and CEO Jitendra Gupta said, "We feel that we are in a unique time wherein 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 plain vanilla banking app."

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