Jupiter Money Secures ₹115 Crore in Fresh Funding Round
Jupiter Money, a Bengaluru-based fintech platform, has raised ₹115 crore in a new funding round from investors including Mirae Asset Venture Investments, BeeNext, and 3one4 Capital. The company boasts over 3 million customers, with nearly 60% actively engaged across multiple products. Jupiter's revenue grew 2.2x in the last fiscal year, and it aims to achieve operational breakeven within 24 months while doubling its user base in the next 2-2.5 years. The platform offers a range of financial products including credit cards, savings accounts, loans, investments, and insurance through a single app.
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Jupiter Money, a leading fintech platform, has successfully raised ₹115 crore in a new funding round, demonstrating continued investor confidence in its innovative financial services model. This development marks a significant milestone for the Bengaluru-based startup as it aims to expand its user base and achieve operational breakeven.
Key Highlights of the Funding Round
- Total Funding Raised: ₹115 crore
- Participating Investors:
- Mirae Asset Venture Investments
- BeeNext
- 3one4 Capital
- Jitendra Gupta (Founder and CEO)
Jupiter's Comprehensive Financial Ecosystem
Jupiter Money operates through a single app, offering a wide range of financial products and services regulated by multiple authorities:
| Regulatory Body | Products Offered |
|---|---|
| RBI | Credit cards, Savings accounts, Loans |
| SEBI | Investments |
| IRDAI | Insurance |
Impressive Growth Metrics
The platform has shown remarkable traction in user acquisition and engagement:
| Metric | Achievement |
|---|---|
| Total Customers | Over 3 million |
| Active User Engagement | Nearly 60% across multiple products |
| Multi-product Users | More than 25% use two or more products |
| Account Aggregator Service | Over 1 million active users |
| Co-branded Card with CSB Bank | 1.5 lakh+ cards issued |
| Average Transactions per Card | 24 per month |
Financial Performance and Future Goals
Jupiter Money has demonstrated strong financial growth and has set ambitious targets for the future:
- Revenue Growth: More than 2.2x increase in the last fiscal year
- Operational Breakeven: Targeted within 24 months
- User Base Expansion: Aims to double in the next 2-2.5 years
This latest funding round positions Jupiter Money to continue its growth trajectory in the competitive fintech landscape. The company's ability to attract investment from established venture capital firms and the personal participation of its founder underscore the market's confidence in Jupiter's business model and future prospects.
As the fintech sector in India continues to evolve, Jupiter Money's comprehensive approach to financial services, coupled with its strong user engagement metrics, suggests that the company is well-positioned to capitalize on the growing demand for digital financial solutions.
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