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Mumbai and Bengaluru-based neo-banking major Jupiter has raised INR 100 Cr in venture debt funding from Alteria Capital.
The latest funding will further strengthen Jupiter's position in the wider Indian financial services sector, while also leveraging synergies across the Jupiter Group. Officially, the transaction is the first of its kind in the space and the largest ever by Alteria, as per reported by BW Disrupt.
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“We are delighted to join hands with Alteria Capital who are also aligned on our mission to democratize credit in India and encourage responsible use of the same,” Jitendra Gupta, Founder, and CEO, of Jupiter, said.
In 2023, Jupiter is preparing to roll out credit-focused products designed to broaden the basket of financial offerings for Indian consumers.
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"This is one of the largest commitments for Alteria and we are excited to partner with Jiten and the team at Jupiter to help facilitate their credit journey and make a meaningful impact in the Indian retail credit ecosystem,” Vinod Murali, Managing Partner & Co-Founder, Alteria Capital, said.
A neobank is a type of direct bank that operates exclusively online without a traditional physical branch network.
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About Jupiter
Aiming to provide a banking experience that stays up with people, Neobanking Platform Jupiter is a digital banking app.
About Alteria Capital
Alteria Capital is India's largest venture debt fund focused on innovative startups backed by strong VC sponsors. Established in 2018, Alteria Capital was founded by the leadership team in Silicon Valley Bank's lending business in India which was launched in 2008.
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