The fintech industry in India has been growing rapidly in recent years, with many startups emerging to offer innovative financial products and services to consumers. Jupiter is one such startup, offering a range of personal finance products and services through its mobile app.
The company has gained significant traction in the Indian market, and its recent funding rounds demonstrate the strong investor interest in the company’s growth potential.
The venture debt funding round from Alteria Capital will enable Jupiter to build and scale up its lending products, which is expected to be a key growth area for the company in the coming years. The on-demand salary product, which allows users to withdraw their salary based on the number of days they have worked, is another example of the innovative products and services that Jupiter is developing.
Overall, the fintech industry in India is expected to continue to grow in the coming years, driven by the increasing use of smartphones and the expanding digital infrastructure in the country. Companies like Jupiter that are able to offer innovative products and services to consumers will be well-positioned to capitalize on this growth and gain market share.
The company which is headquartered in Mumbai has raised $12.12 million (Rs 100 crore) in a venture debt funding round from Alteria Capital. The startup will use the proceeds mainly to build and scale up its lending products, the company said in a statement.
Jupiter Poised to make a big leap forward
“As we enter the new year, we at Jupiter look forward to providing accessible and affordable credit options to our customers,” said Jitendra Gupta, Founder and CEO, Jupiter.
“Jupiter is a very strong brand in the personal finance app space for Indian consumers. Providing customised and agile credit products is going to be an important differentiator, and Jupiter is well placed to target this opportunity…,” said Vinod Murali, Managing Partner and Co-founder, Alteria Capital.
The startup raised $86.6 million in December 2021 in a Series C round led by New York-headquartered hedge fund Tiger Global, Sequoia Capital, and Virgina-headquartered QED Investors. Late last year, the startup launched its first-of-a-kind on-demand salary product that allows users to withdraw their salary basis the number of days they have worked.
