Jupiter, a neobanking platform, has secured strategic funding from its current investor to support its non-banking financial (NBFC) operations. This is the inaugural equity round for Amica Finance, a distinct entity.
Peak XV Partners initiated the round with an infusion of Rs 5.25 crore, followed by Matrix Partners and QED Fund with Rs 4.32 crore and Rs 3.58 crore, respectively. BEE Accelerate Fund (BEENEXT), Global Founders Capital, Tiger Global, Greyhound Capital Partners, Mirae Asset Venture Investments, and Bairavan Amrish Rau contributed the remaining amount.
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Amica Finance’s board of directors has approved a special resolution to issue 97,89,529 Series A compulsory convertible preferred shares (CCPS) at an issue price of Rs 20.43 per share in order to raise Rs 20 crore or $2.4 million.
In April of last year, the company managed by Jitendra Gupta was granted an NBFC licence from the RBI, which enables it to lend on its own books. In accordance with a media report, it will also employ a chief executive officer (CEO) to oversee the lending sector. The development was first reported by Entrackr.
Jupiter has secured additional funding at a post-money valuation of approximately Rs 100 crore ($12 million).
The development comes shortly after Jupiter obtained a license for prepaid payment instruments (wallets), which permits users to make UPI payments via the company’s mobile application.
About Jupiter
Founded in 2019 by Jitendra Gupta, Jupiter is an all-things money app with one simple aim – to deliver a financial experience that keeps pace with you. We help you cut through the jargons, offer smart insights based on your spending, and provide you with a range of new-age features to enable you to make sense of your finances.
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