HomeFunding AlertNeobanking Startup Jupiter Raised INR 25CR Debt From Alteria Capital.

Neobanking Startup Jupiter Raised INR 25CR Debt From Alteria Capital.

Neobanking platform Jupiter has raised INR 25CR debt from Alteria Capital. This is the first fundraiser for the Mumbai-based company in 2022. The company will use the funds for general corporate activities, filing shows.

The board at Jupiter has passed a special resolution to issue and offer 2,500 Series A non-convertible debentures (NCD) at an issue price of Rs 1,00,000 per debenture to Alteria Capital for a consideration of INR 25CR, as per the company’s regulatory filing with the Registrar of Companies (RoC).

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Founded by Jitendra Gupta, Jupiter offers digital savings bank accounts with in-built money management features like real-time spend insights, tracking liquid assets across bank accounts, personalized savings goals, and sending/receiving funds via UPI. The platform has onboarded close to 800,000 users as of March and has partnered with the Federal Bank to provide bank accounts to its customers.

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During FY22, Jupiter generated merely INR 42 Lakhs in revenue from operations as compared to around Rs 20k in FY21. The company made most of its revenue via penalty income during the last fiscal. As per the annual financial statement with the RoC, losses of the company shot up 11X to Rs 164 crore in FY22 from Rs 14.2 crore during the preceding fiscal year.

In March, Jupiter announced an employee stock options plan (ESOP) buyback worth $4 million for its former and current employees. The company has raised over $160 million to date including $86 million in a Series C round at a valuation of $710 million in Dec last year.

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Vishvajeet Kumar Gupta
Vishvajeet Kumar Guptahttps://marketmoney.in/
Vishvajeet Kumar is the Author & Co-Founder of the Marketmoney.in. He has also Appearing his graduation in Cadet Officer from Chennai . He is passionate about Blogging & Little-Bit in Banking.

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