Jupiter, a Neobanking startup with its headquarters in Bengaluru, has raised Rs 25 crore in debt from Alteria Capital, a venture debt firm that has supported numerous notable startups, including BharatPe, Rebel Foods, Dunzo, and Chaayos.
The regulatory filing that the company made with the Registrar of Companies (RoC), The board at Jupiter has passed a unique goal to issue and offer 2,500 Series A non-convertible debentures (NCD) at an issue cost of Rs 1,00,000 for each debenture to Alteria Capital for a thought of Rs 25 crore.
Additionally, the filings indicated that the raised capital would be utilised for general business operations.
Founded in 2019 by industry veteran Jitendra Gupta, who also co-founded Citruspay, India’s leading digital payments company that Naspers later acquired for US$130 million in 2016. Through constant innovation and a customer-obsessed mindset, Jupiter is an online banking platform that aims to replace the traditional banking system’s flaws.
As of March, the platform had onboarded close to 800,000 users and partnered with the Federal Bank to offer its customers bank accounts.
The fintech startup had previously raised $86 million as part of its Series C round in December 2021 from investors such as Tiger Global, Sequoia Capital, and QED Investors, which is based in Virginia.
