Mumbai: Neobanking Startup Jupiter is in Early-Stage Discussions to Raise $ 30-50 Million from Existing Investors to Fund Exposition, According to Four People Familiarar with the plan.
“QED Investors, Z47 (Formerly Matrix Partners), Peak XV Partners, 3one4 Capital and Benext will double down on his investment,” One person said.
Peak xv declined to comment on the plan. Jupiter, Qed, Z47, 3one4 and Beenext Did Not Respond to Mint‘S emails seeking comment.
“The company has Received Interest from External Investors as Well and The Round Could Backet Larger,” a second person said, adding that details of the exact size, terms and Valuation is the company Improved its financials over the past two years.
Jupiter Last Raised $ 87 Million Four Years ago As a part of its series C Funding Round LED by Investors Including Tiger Global Management and Sequoia Capital India at a Valuation of $ 668 Million, Accord Data from Market Intelligence Provider tracxn.
Amica Financial Technologies Pvt Ltd, which owns jupiter, also operates a non-banking financial entry that raised about $ 2.4 million from existing investors in life. In July, the company secured an NBFC License from the Reserve Bank of India and more recently, a mobile wallet license. The NBFC License Allows It to Lend.
The company achieved considerable success Targeting Mostly Young, Urban Individuals for its credit business, which it now wants to replicate in the smalle and medium enterprise, Gupta Told Mint Last year.
Jupiter, which compets with companies such as open, Niyo, Fampay, Fi Money, and Razorpayx, Is Among A Dozen Neobanks that have emerged in the Past Few Years, Looking to disrupt the bunning, system Services and Insurance Sector.
Cost control
Founded in 2019, the company is an online-only platform that offers saving accounts, money transfers, and cash withdrawals and lets users users monitor their transactions throuard a dashboard. MUCH LIKE Its Peers, Jupiter is Lossmaking, But It Has Focused On Controlling Cost decisions Around Hiring, Technology, and Revenue Expensation.
Gupta said earlier that one of the goals was to shrink the time needed to recover the money Spent on Gaining Customers.
“Last year, our visibility was that we would be able to recover our cac (Customer Acquisition costs) in 22 months.
Beyond banking and lending, cards, and revenue from its execution-only platform for mutual fund investments, Jupiter is looking at more co-lending partnerships and awaiting a License to Start Insurance Brooking, Which is expected to improve its revionue and margin profile.
Amica Reported Revenue Rose to 80.5 Crore in FY24 From 56 Crore a year earlier. Its loss narrowed to 275.9 Crore from 327 Crore in FY23, according to tracxn data.