Jupiter Money, a fintech startup, has raised INR 115 crore in a new funding round from its existing investors — Mirae Asset Venture Investments, BeeNext, and 3one4 Capital.
Founder Jitendra Gupta also participated in the round as an individual investor.
The company hasn’t shared its current valuation, but reports suggest the funding was raised at the same valuation as its previous round.
Jupiter Money last raised funds in 2021, securing $85 million at a $600 million valuation. The company’s major investors include QED Investors, Peak XV Partners, and Tiger Global. Since its launch, Jupiter has raised over $150 million in total.
“We will use this funding primarily to reach a break-even point for the business. The previous round was mainly for growth. We hope to turn cash positive with this money and will not need any more funds for business operations,” said Gupta.
Jupiter was founded in 2019 by serial entrepreneur Jitendra Gupta. The platform offers a variety of financial services, including credit cards, SIPs, mutual funds, UPI payments, expense tracking, and wealth management tools.
Last year, Jupiter received a prepaid payment instrument (PPI) licence from the Reserve Bank of India. This allows the company to offer digital wallet services to its users.
In July this year, it also got a direct insurance broker licence from IRDAI, enabling Jupiter to sell and distribute different insurance products.
Jupiter currently has about three million customers, and around 60% of them actively use the app. More than 25% of users also use more than one Jupiter product, showing strong engagement.
For its co-branded card with CSB Bank, Jupiter shared that customers make about 24 transactions each month. So far, over 150,000 cards have been issued, making it a popular choice for everyday spending.
The company aims to become profitable within the next two years and hopes to double its user base over the next two to three years.
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