Money is flowing in for second-time entrepreneurs in the Indian startup ecosystem who have hit the market with a new product and are looking to raise a larger sum in their maiden or seed round.
While Mukesh Bansal, Kunal Shah, Ashish Kashyap and Satyen Kothari have already joined the second-time entrepreneur club, PayU co-founder Jitendra Gupta is the latest entrant in the league with a $24 million seed round for his second gig – Jupiter.
Entrackr had first decoded Gupta’s new product in its report on October 9.
Operating under holding entity Amica Financial Technologies, Jupiter has raised its first investment round from Matrix Partners, Sequoia Capital, Greyhound Capital, 3One4 Capital, Rocket Internet, BeeNext and Tanglin Venture Partners.
Along with the renowned venture capital firms, the Mumbai-based startup has also roped in several angel investors such as Falcon Edge Capital’s Navroz Udwadia, DST Global’s Rahul Mehta, Snapdeal co-founders Kunal Bahl and Rohit Bansal, and Kunal Shah of Cred.
Zerodha’s CEO Nitin Kamath, Freecharge’s Sandeep Tandon and Smile Group co-founder Manish Vij have also invested in the yet to be launched startup in their personal capacity.
According to an ET report, the valuation of the company has already been pegged at $70 million, which is expected to be launched by March next year.
The long list of investors reflects Gupta’s dominance in the fintech space and his relationship with investors in his decade long stint in the ecosystem.
Through Jupiter, Gupta along with Vishnu Jerome, would offer digital banking solutions like investments, lending, fund transfer, insurance and other products and services.
Taken together, Jupiter is expected to provide neo banking solution where global startups such as Revolut, N26, Monzo, Nubank and local startup NiYO have gained popularity in the past 1-2 years.
Update: The product name is Jupiter, not Digifin. We have updated the story and headline. Regret for the error.