Neobanking startup Jupiter raises Rs 25Cr debt from Alteria Capital

Bengaluru-based Neobanking startup Jupiter has raised Rs 25 crore in debt from Alteria Capital, a venture debt firm that has backed several big startups such as BharatPe, Rebel Foods, Dunzo, and Chaayos, among others.

According to the company’s regulatory filing with the Registrar of Companies (RoC)., The board at Jupiter has passed a special resolution to issue and offer 2,500 Series A non-convertible debentures (NCD) at an issue price of Rs 1,00,000 per debenture to Alteria Capital for a consideration of Rs 25 crore.

The filings also showed the raised capital would be used for general corporate activities.

Founded in 2019 by industry veteran Jitendra Gupta, who also co-founded Citruspay, a leading digital payments company in India that was later sold to Naspers in 2016 for US$130 million. Jupiter is an online banking platform that aims to fix what’s broken in the traditional banking system through a customer-obsessed mentality and continuous innovation. 

The platform has onboarded close to 800,000 users as of March and has partnered with the Federal Bank to provide bank accounts to its customers.

Previously, the fintech startup had raised $86 million in December 2021 as part of its Series C round from Tiger Global, Sequoia Capital, and Virgina-headquartered QED Investors, among other investors.

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