Neobanking platform Jupiter raises Rs. 25 Cr in debt round from Alteria Capital
- ByStartupStory | December 30, 2022
Jupiter, a neobanking platform, has raised Rs 25 crore in debt from Alteria Capital. This is the company’s first fundraise in 2022.
As per the filing, the funds will be used for general corporate purposes.
According to the company’s regulatory filing with the Registrar of Companies(ROC), the board of Jupiter has passed a special resolution to issue and offer 2,500 Series A non-convertible debentures (NCD) at an issue price of Rs 1,000,000 per debenture to Alteria Capital for a consideration of Rs 25 crore.
As per reports, Jupiter generated only Rs 42 lakh in revenue from operations in FY22, compared to around Rs 20k in FY21. During the previous fiscal year, the majority of the company’s revenue came from penalty income. According to the company’s annual financial statement filed with the RoC, losses increased 11X to Rs 164 crore in FY22 from Rs 14.2 crore the previous fiscal year.
Jupiter is a digital banking startup that enables customers to open a savings bank account with built-in money management features like real-time spending insights, tracking liquid assets across bank accounts, personalized savings goals, and transaction management. To date, The company has raised over $160 million including $86 million in a Series C round at a valuation of $710 million in December last year.
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