Neobank Jupiter has raised $86 million in its Series C round led by US-based QED Investors and Sequoia Growth fund, putting the valuation of the company at $710 million.
CEO Jitendra Gupta informed that the company will continue to invest in customer acquisition with an aim to have a million customers and will also look at entering lending in the coming year to provide personal loans and a credit line to individuals.
Gupta had said Jupiter will start by lending to only its customers that hold bank accounts through the platform. Credit requirements of these customers are expected to be in the range of Rs 10,000 to as high as Rs 3 lakh and the start-up plans to do the risk assessment and underwriting for these loans with its in-house team as well as using credit bureau scores.
Jupiter's losses grew from Rs 6 crore in FY20 to Rs 14 crore in FY21. Revenues grew from Rs 5 lakh to Rs 11.79 crore in FY21, a growth of 215 percent. Expenses too saw a jump from Rs 6 crore in FY20 to Rs 26 crore in FY21.
Jupiter is a digital banking platform that allows users to open a bank account digitally, provides Visa debit cards and insights on spends by customers in partnership with Federal Bank and Axis Bank.
