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Jupiter

Jupiter announces ESOP buyback worth $4 Mn

Jupiter

Neobanking platform Jupiter has announced that it has facilitated Employee Stock Options (ESOPs) for its former and current employees. The two liquidity transactions for the same have totalled up to approximately $4 million (Rs30 crore).

The liquidity events, which have benefited 21 former and current Jupiter employees, come in less than two months after the company announced the closure of its $86 million Series C funding round from Tiger Global, Sequoia Capital India and others.

The company was valued at $710 million in the last round. 

Founded by Jitendra Gupta, Jupiter offers a 100% digital savings bank account 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 since its inception in 2019 and has partnered with the Federal Bank to provide bank accounts to its customers.

In the ongoing calendar year, one dozen startups including Cars24, Gramophone, Slice, TheMathCompany, Bizongo, LEAD, FarEye, HomeLane, Trell, Ninjacart and Porter have announced their ESOP buyback program. 

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