Exclusive: Jupiter’s NBFC biz raises funds from Peak XV, Matrix, others
Summary
Neobanking platform Jupiter has raised strategic funding from its existing investor for its non-banking financial (NBFC) biz. BEE Accelerate Fund (BEENEXT), Global Founders Capital, Tiger Global, Greyhound Capital Partners, Mirae Asset Venture Investments and Bairavan Amrish Rau poured in the remaining sum.The Jitendra Gupta-led company obtained an NBFC license from RBI in April last year which lets it lend on its own book. As per a media report, it will also hire a chief executive officer (CEO) to run the lending biz.As per the startup intelligence platform TheKredible, the company has raised fresh funds at a post money valuation of around Rs 100 crore ($12 million).Following the investment round, Jupiters founder and CEO Gupta diluted his stake to 76.15% while Peak XV Partners became the largest external shareholder with 6.24% stake. For the firms complete shareholding pattern, visit TheKredible.Currently, the average loan tenure on Jupiters platform is less than six months with a ticket size of Rs 30,000 but its reportedly eyeing to disburse up to Rs 1 lakh to borrowers with maximum tenure of two years.The development comes soon after Jupiter received prepaid payment instruments (wallet) license which enables users to perform UPI payments through the firms mobile application.Jupiter was last valued at around $710 million in its Series C round in December 2021. It has raised over $160 million to date from the likes of QED Investors, Peak XV, Tiger Global and Matrix Partners.Jupiter registered more than 2.5x growth in its operating revenue to Rs 48.86 crore in FY23.