Jupiter Money Secures ₹115 Crore Funding from Existing Investors to Scale Lending Operations

Bengaluru-based fintech startup Jupiter Money has successfully raised ₹115 crore in a new funding round, with participation from its existing investors Mirae Asset Venture Investments, BeeNext, and 3one4 Capital. Founder and CEO Jitendra Gupta also made a personal investment in this round.

The fresh capital infusion is earmarked for scaling Jupiter's lending operations. The company intends to develop a comprehensive lending suite that will encompass personal loans, SME loans, and secured lending products. This expansion will be supported by Jupiter's NBFC platform.

Jupiter offers a broad spectrum of financial services through a single application, including credit cards, savings accounts, investments, loans, and insurance, all regulated by the RBI, SEBI, and IRDAI.

The platform has garnered over 3 million customers, with nearly 60% actively engaged across multiple products. Its Account Aggregator service has seen significant adoption, exceeding 1 million active users. The co-branded card with CSB Bank has also shown strong performance, with over 1.5 lakh cards issued and high monthly transaction rates per customer.

Financially, Jupiter reported revenue growth exceeding 2.2 times in the last fiscal year. The company is now focused on sustainable growth and aims to achieve operational breakeven within the next two years. It also targets doubling its user base in the next 2 to 2.5 years.

"We are building the go-to money app for India’s millennials — transparent, inclusive, and truly helpful in everyday life. This round gives us the boost to scale responsibly while keeping our promise of making money simpler for millions of Indians," stated Jitendra Gupta, Founder & CEO, Jupiter Money.

Impact: This funding round is crucial for Jupiter Money's growth trajectory, enabling it to enhance its lending capabilities and expand its market reach. The investment signifies continued investor confidence in India's burgeoning fintech sector and Jupiter's business model. The expansion of lending services could intensify competition and improve access to financial products for a larger customer base in India. Rating: 6/10.

Difficult Terms: * **Fintech Platform**: A company that uses technology to provide financial services. * **NBFC (Non-Banking Financial Company)**: A financial institution that provides banking-like services but does not hold a full banking license. * **RBI (Reserve Bank of India)**: India's central bank, responsible for regulating the country's banking and financial system. * **SEBI (Securities and Exchange Board of India)**: The regulator for the securities market in India. * **IRDAI (Insurance Regulatory and Development Authority of India)**: The agency that regulates the insurance industry in India. * **Account Aggregator (AA)**: A framework that allows users to securely share their financial data from various sources (banks, insurance companies, etc.) with other regulated entities via a common platform. * **Operational Breakeven**: The point at which a company's total revenues equal its total expenses, meaning it is no longer losing money on its operations.