Neobanking startup Jupiter has raised Rs 20 crore (approximately USD 2.4 million) for its NBFC arm, Amica Finance, through strategic funding from existing investors, according to media reports.
Peak XV Partners led the round with Rs 5.25 crore, followed by Matrix Partners with Rs 4.32 crore and QED Fund with Rs 3.58 crore. Other contributors included BEE Accelerate Fund (BEENEXT), Global Founders Capital, Tiger Global, Greyhound Capital Partners, Mirae Asset Venture Investments, and Bairavan Amrish Rau.
This funding round, the first for Amica Finance, follows Jupiter receiving an NBFC license from the Reserve Bank of India (RBI) last year, allowing it to lend from its own book.
Post-funding, Jupiter’s founder and CEO, Jitendra Gupta, holds a 76.15 per cent stake, with Peak XV Partners emerging as the largest external shareholder at 6.24 er cent.
Jupiter aims to increase its average loan size to Rs 1 lakh with a tenure of up to two years, expanding from its current average loan tenure of less than six months with a ticket size of Rs 30,000.
