Indian neobank Jupiter lands $12m in venture debt financing
Indian challenger Jupiter has secured INR 100 crores (approximately $12 million) in tailored venture debt financing from Alteria Capital.
Jupiter says the transaction is the first of its kind in the space, and one of the largest commitments from Alteria to date, with the funds going towards scaling up the neobank’s suite of lending products.
In the new year, the three-year-old start-up says it plans to roll out credit-focused products and carry out investments to broaden its offering to Indian consumers.
“This partnership will act as a catalyst to our efforts of building an all-inclusive and innovative platform for cutting-edge financial services products,” says Jitendra Gupta, founder and CEO of Jupiter.
“As we enter the new year, we at Jupiter look forward to providing accessible and affordable credit options to our customers, thereby creating a healthy credit growth in the country.”
Founded in 2019 with offices in Mumbai and Bengaluru, Jupiter calls itself India’s largest digital banking and financial services platform for Indian millennials.
Through a mobile app, it offers customers a digital savings bank account, debit card, investments, personalised savings, expense management and UPI payments. It also recently rolled out an on-demand salary feature.
The neobank counts the likes of Tiger Global, QED Investors, Sequoia Capital India, Matrix Partners India, Brazil-based Nubank, Global Founders Capital, and Mirae Assets Venture as investors.