Neobanking startup Jupiter raises Rs 115 crore from existing investors

Neobanking startup Jupiter has raised Rs 115 crore in a strategic funding round from its existing investors, including Mirae Asset Venture Investments, BEENEXT, and 3one4 Capital, as it looks to achieve operational breakeven within the next two years.

Founder Jitendra Gupta also participated in the round in his personal capacity.

According to Gupta, the funds will primarily be used to reach profitability, after years of growth-focused spending. “We hope to turn cash positive with this money and will not need any more funds for business operations,” he said.

Founded in 2019, Jupiter offers a unified money management platform integrating credit cards, savings accounts, investments, loans, UPI payments, insurance, and prepaid instruments. It holds regulatory approvals from the RBI, SEBI, and IRDAI, and operates an NBFC arm that provides personal loans.

The fintech firm recently obtained a prepaid payment instrument (PPI) licence and a direct insurance broking licence to expand into digital wallets and insurance distribution.

Jupiter counts QED Investors, Peak XV Partners, Tiger Global, and Matrix Partners among its backers and has raised over $150 million to date. The company’s co-branded credit card with CSB Bank has issued more than 1.5 lakh cards, with users making an average of 24 monthly transactions.

The fintech platform claims to serve over 3 million registered users, of which about 60% are active. Around a quarter of its active users use two or more products. Its Account Aggregator feature has surpassed 1 million active users, underscoring the company’s push toward integrated financial services.

On the financial front, Jupiter’s operating revenue surged more than sevenfold to Rs 51.2 crore in FY24 from Rs 7.1 crore in FY23, while net losses narrowed by about 23% to Rs 233.6 crore, as per the reports.

Jupiter competes in India’s rapidly expanding digital banking ecosystem with players such as Fi Money, Open Financial Technologies, NiYO Solutions, and FamPay. The company aims to double its user base and reach operational breakeven within 24 months, focusing on lending expansion and AI-driven personal finance tools to boost customer adoption.