The Mumbai- and Bengaluru-based company was founded by Jitendra Gupta, as his second venture in the fintech space after selling Citrus Pay to Naspers-owned PayU in 2016.
“This partnership will act as a catalyst to our efforts of building an all-inclusive and innovative platform. As we enter the new year, we at Jupiter look forward to providing accessible and affordable credit options to our customers, thereby creating a healthy credit growth in the country,” Gupta said in a prepared statement.
According to the company, this is the largest commitment by Alteria Capital till date.
Jupiter had
raised $45 million from Brazil’s Nubank in August 2021, ET had reported. The neobank, in September 2021,
closed a $86 million round led by Tiger Global. Its other backers include QED Investors, Sequoia Capital India, Matrix Partners India, Brazil-based Nubank, Global Founders Capital, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext.
“Providing customised and agile credit products is going to be an important differentiator and Jupiter is well placed to target this opportunity..,” Vinod Murali, Managing Partner & cofounder, Alteria Capital, said.
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With the regulatory overhang on fintechs continuing, and the Reserve Bank of India (RBI) taking steps to regulate various aspects of the sector,
investors are expected to remain selective in their approach towards fintech startups, ET had reported on December 30 last year.
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