Jupiter raises $15 million funding from existing investors

jupiter Money, a fintech startup has raised $15 million (Rs 115 crore) in a fresh round of funding from existing investors Mirae Asset Venture Investments, BeeNext, and 3one4 Capital.

Jitendra Gupta, founder of Jupiter, also joined the round as an individual investor.

The company hasn’t disclosed the valuation for this round, but sources said it was done at the same valuation as the previous one.

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Jupiter Money last raised funds in 2021, securing $85 million at a $600 million valuation. The company’s major investors include QED Investors, Peak XV Partners, and Tiger Global. Since its launch, Jupiter has raised over $150 million in total.

“We will use this funding primarily to reach a break-even point for the business. The previous round was mainly for growth. We hope to turn cash positive with this money and will not need any more funds for business operations," said Gupta.

Founded in 2019 by serial entrepreneur Jitendra Gupta, Jupiter provides a wide range of financial services, including credit cards, SIPs, mutual funds, expense tracking, UPI payments, and wealth management tools.

Last year, it received a prepaid payments instrument (PPI) licence from the Reserve Bank of India to offer digital wallets. In July this year, it also obtained a direct insurance broker licence from the IRDAI, allowing it to distribute insurance products.

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Jupiter has around three million customers, of which 60% are active users, and over 25% use multiple products, according to sources.

Regarding its co-branded card with CSB Bank, Jupiter noted that users make an average of 24 transactions per month, with over 150,000 cards issued so far — reflecting its growing popularity as a primary spending option.

The company aims to reach breakeven within the next two years and plans to double its user base over the next two to three years.

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