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India’s digital banking revolution just got a major boost as neobank Jupiter has raised Rs 115 crore from its existing investors, including Mirae Asset Venture Investments, BEENEXT, and
India’s digital banking revolution just got a major boost as neobank Jupiter has raised Rs 115 crore from its existing investors, including Mirae Asset Venture Investments, BEENEXT, and 3one4 Capital. Founder Jitendra Gupta also pitched in personally, signaling strong confidence in the startup’s path to profitability.
Founded in 2019, Jupiter has spent years focusing on growth and user acquisition. Now, the startup is ready to shift gears toward operational profitability. According to Gupta, the latest funding round will be primarily used to achieve operational breakeven, aiming to turn cash positive within the next two years.
“We hope to turn cash positive with this money and will not need any more funds for business operations,” Gupta said, reflecting Jupiter’s confidence in its business model.
Jupiter offers a unified financial management platform that integrates savings accounts, credit cards, loans, investments, UPI payments, insurance, and prepaid instruments. It has regulatory approvals from RBI, SEBI, and IRDAI, and operates an NBFC arm providing personal loans.
The fintech recently acquired a prepaid payment instrument licence and a direct insurance broking licence, allowing it to expand into digital wallets and insurance distribution. This positions Jupiter as a one-stop platform for financial services, rivaling other digital banking players like Fi Money, Open Financial Technologies, NiYO Solutions, and FamPay.
Jupiter’s numbers are turning heads. The startup’s operating revenue surged over sevenfold, jumping from Rs 7.1 crore in FY23 to Rs 51.2 crore in FY24. Meanwhile, net losses narrowed by around 23% to Rs 233.6 crore, showing a path toward financial stability.
The fintech claims to serve over 3 million registered users, with about 60% being active. Around a quarter of active users leverage two or more products, reflecting engagement and cross-selling potential. The Account Aggregator feature alone has surpassed 1 million active users, highlighting Jupiter’s push toward integrated financial services.
With the new funds in hand, Jupiter is looking to double its user base while focusing on lending expansion and AI-driven personal finance tools. The aim is to improve customer adoption, increase engagement across products, and achieve profitability within 24 months.
The co-branded credit card with CSB Bank has already issued over 1.5 lakh cards, with users making an average of 24 transactions per month. This shows that Jupiter’s product ecosystem is gaining traction among India’s digitally savvy consumers.
Jupiter has attracted some of the biggest names in venture capital, including QED Investors, Peak XV Partners, Tiger Global, and Matrix Partners. To date, the company has raised over $150 million, and this latest round underlines investor belief in its long-term growth potential and profitability roadmap.
As India’s digital banking sector heats up, Jupiter’s strategy of integrated financial products, AI-driven tools, and aggressive lending expansion sets it apart from competitors. With funding secured and a clear path to profitability, Jupiter looks poised to become one of India’s leading neobanks.
The next two years will be crucial. Can Jupiter turn its growth-focused spending into sustainable profits while doubling its user base? Investors and fintech enthusiasts alike will be watching closely.
