Jupiter Money raises $15 Mn from Mirae Asset, Beenext, and 3one4 Capital

Fintech startup Jupiter Money has raised $15 million (about Rs 115 crore) in a funding round from existing investors including Mirae Asset Venture Investments, BeeNext, and 3one4 Capital. 

Jitendra Gupta, the founder, also invested in the round personally. However, the company did not disclose its latest valuation.

Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners among others.

As per the press release, the Bengaluru-based company will use the funds for product growth, scaling lending operations, increasing customer adoption, and enhancing AI-led financial tools.

Jupiter offers a single money management app with credit cards, savings accounts, investments, loans, insurance, prepaid instruments, and other finance products. The company operates with regulatory approvals from RBI, SEBI, and IRDAI for its services.

The company claims to have over 3 million customers, of which 60% are active on the platform. Around 25% of active users use two or more products. The Account Aggregator feature has crossed 1 million active users. 

Its co-branded credit card with CSB Bank has issued over 150,000 cards, with users making an average of 24 transactions per month.

Jupiter also runs an NBFC business backed by investors including Peak XV, Z47, Tiger Global, Beenext, and QED. The NBFC unit will expand into personal loans, SME loans, and secured lending to increase the lending portfolio.

It targets operational breakeven in the next 24 months and plans to double its user base over the next 2–2.5 years.

Jupiter competes with other Indian neobanks and digital banking platforms such as Fi Money, Open Financial Technologies, NiYO Solutions and FamPay.

As per Thekredible, Jupiter’s operating revenue has increased to Rs 51.2 crore in FY24 from Rs 7.1 crore in FY23. It also managed to reduce its losses by 23.1% to Rs 233.63 crore. Although the company is yet to file its financial statement for FY25, it claims to have reported 2.2x revenue growth in FY25.