Amica Financial Technologies Pvt Ltd, which runs neobanking startup Jupiter, has raised Rs 100 crore (around $12.5 million) as part of its venture debt funding round from Alteria Capital. 

As per the startup, the raised funds will be used to further build and enhance its lending product verticals. 

Jupiter | Digital Banking App

Founded by Jitendra Gupta in 2019, Jupiter is a digital banking app offering smart insights based on your spending and providing users with a range of new-age features that enables you to make sense of your finances. The digital banking app claims to cater to India’s fast-growing salaried millennial population. 

It was Jitendra’s second venture, which had earlier co-founded and eventually sold the payments platform Citrus Pay to PayU. The deal was done for $130 million in 2016, which, the company claims was the largest fintech acquisition in India at that time.

Jitendra was then the managing director at PayU India and launched buy-now-pay-later (BNPL) in the country through PayU’s application LazyPay. 

Commenting on the development, Vinod Murali, Managing Partner and Co-founder of Alteria Capital, said,

“Jupiter is a strong brand in the personal finance app space for Indian consumers. Providing agile credit products is going to be an important differentiator, and Jupiter is well placed to target this opportunity.”

In 2021, Jupiter raised $86 million as a part of its Series C funding round co-led by Tiger Global Management, Sequoia Capital India, at a valuation of $711 million. US-based venture fund QED Investors along with existing investor Matrix Partners India also participated in the funding round.

Started by Vinod Murali and Ajay Hattangdi in 2017, Alteria is a venture debt fund focussed on innovative startups backed by strong VC sponsors.

The venture debt fund has over 100 portfolio firms, including Infra.market, Rebel Foods, Dealshare, Spinny, BharatPe, Lendingkart, Toppr, Cars24, Good Glamm Group, Niyo, EarlySalary, Zepto, and Portea, among others.

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