Friday, 21 June 2024, Bengaluru, India
Jupiter is a Neobanking startup that recently secured $2.4 million in its maiden equity round for its Amica Finance, which is an NBFC under Jupiter. The funding round had participation from various new and existing investors including Matrix Partners India, Peak XV partners, QED fund, BEE Accelerate Fund, Tiger Global, Global Founders Capital, and more.
The board members at Amica Finance passed a resolution to allot 97,89,539 series A compulsory convertible preferred shares at an issue price of Rs 2.042 per share to raise $2.4 million. Peak XV Partners led the funding round with Rs 5.25 crore followed by Matrix Partners India with Rs 4.32 crore while QED fund invested Rs 3.38 crore. The startup is planning to use these fresh proceeds to meet market demand and the general corporate purpose of the company. The firm got its NBFC license from the Reserve Bank of India last year in April and is currently looking for a Chief Executive Officer to run this lending biz.
The startup data intelligence platform, The Kredible mentioned the post-money valuation of this company to be around $12 million during this fundraising round. After this maiden equity round, the CEO and founder of Jupiter owns the most stakes with 75.15 percent, while Peak XV partners remained the largest external shareholder of the firm with a 6.24 percent stake. Jupiter is planning for a disbursement of up to Rs 1 lakh to borrowers with a maximum tenure of two years.
The startup previously had a valuation of more than $710 million during its series C round in 021. The company claims to have secured over $160 million to date from its investors including Peak XV, Tiger Global, QED fund, and Matrix Partners. This neobank startup reported a 2.5 times growth in its operational revenue to Rs 48.86 crore in FY23, while the loss also grew to Rs 327 crore in the same duration.
Conclusion:
Jupiter is a Neobanking startup that was planning to raise funds for its NBFC arm Amica Finance. The startup has successfully secured $2.4 million in its maiden equity round from Matrix Partners India, Peak XV partners, QED fund, BEE Accelerate Fund, Tiger Global, Global Founders Capital, and more. Peak XV Partners led the funding round with Rs 5.25 crore, followed by Matrix Partners India with Rs 4.32 crore, while QED fund invested Rs 3.38 crore. The company plans to use these fresh proceeds to meet market demand and the general corporate purpose of the company. This startup previously got its NBFC license from the Reserve Bank of India in April and is currently looking for a Chief Executive Officer to run this lending biz. The post-money valuation of this company is predicted to be around $12 million during this fundraising round. After this maiden equity round the CEO and founder of Jupiter ownsthe most stakes with 75.15 percent, while Peak XV partners remained the largest external shareholder of the firm with a 6.24 percent stake.
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