New Delhi, Dec 29 (PTI) Neobanking start-up Jupiter has raised Rs 641.40 crore (USD 86 million) from investors led by Tiger Global and Sequoia Capital in♐ Series-C round of funding.
It has taken the company's valuation to about USD 711 million (over Rs 5,302 crore), Jupiter said on Wednesday. Simply put, neo-banks are ✃digital banks without any physical branches.
The latest round of funding has been co-led by Tiger Global, Sequoia Capital India and US based🌠 venture fund QED Investors, alongside existing investors such as Matrix Pa♏rtners India.
The funding also comes just a little over a month after the two-year-old company cam⛦e out ▨of beta mode, and officially launched its services, it said in a statement.
Brazil-based N⛎ubank, Global Founders Capita꧅l, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext, among others, are the existing investors in Jupiter.
Jupiter has already attracted over 5 lakh users within a short span during its early-access launch in July. Jupiter 🍌has partnered with Federal Bank to provide bank accounts to consumers, the co༺mpany said.
Jupiter aims to onboard about 20 ꦰlakh users by Decemb✅er 2022.
Its founder and CEO Jitendra Gupta said, "We feel that we are in a unique time wherein consumers are adopting technology faster than expected. Consumers are loo🍃king for a place where they can get better experience for their finances rather than ﷽just a plain vanilla banking app."
The company is exactly focused on providing better perso꧒nal finance experience to consumers in a personalised and contextua🌠l way, he said
