Advertisement
Saturday, Aug 13, 2022
Outlook.com
Outlook.com

Neo-Bank Jupiter Gets Rs 641 Crore Funding Led By Tiger Global, Sequoia

Neobanking start-up Jupiter has raised Rs 641.40 crore (USD 86 million) from investors led by Tiger Global and Sequoia Capital.

Neo-Bank Jupiter Gets Rs 641 Crore Funding Led By Tiger Global, Sequoia
Neo-Bank Jupiter Gets Rs 641 Crore Funding Led By Tiger Global, Sequoia
outlookindia.com
2021-12-30T10:38:12+05:30

New Delhi, Dec 29 (PTI) Neobanking start-up Jupiter has raised Rs 641.40 crore (USD 86 million) from investors led by Tiger Global and Sequoia Capital in Series-C round of funding.

It has taken the company's valuation to about USD 711 million (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 has already attracted over 5 lakh users within a short span during its early-access launch in July. Jupiter has partnered with Federal Bank to provide bank accounts to consumers, the company said.

Jupiter aims to onboard about 20 lakh users by December 2022.

Its 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 better experience for their finances rather than just a plain vanilla banking app."

The company is exactly focused on providing better personal finance experience to consumers in a personalised and contextual way, he said

 

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement