Amica Financial Technologies Pvt Ltd, which runs neobanking startup Jupiter, on Thursday said it has secured Rs 100 crore (around $12.5 million) as part of its venture debt funding round from Alteria Capital.
The company plans to use the fresh funds to further build and enhance its lending product verticals.
Jupiter was founded by Jitendra Gupta in 2019. It was Gupta’s second venture who had earlier co-founded, and eventually sold payments platform Citrus Pay to PayU for $130 million in 2016, which, the company claims was the largest fintech acquisition in India at that time.
He was then the managing director at PayU India and launched buy-now-pay-later (BNPL) in the country through PayU’s application LazyPay.
Jupiter claims to cater to India's fast growing salaried millennial population.
In 2021, Jupiter had 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. The round also saw participation from US-based venture fund QED Investors along with existing investor Matrix Partners India.
“This partnership with Alteria will act as a catalyst to our efforts of building an all-inclusive and innovative platform,” said Gupta.
“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,” said Vinod Murali, managing partner and co-founder, Alteria Capital.
Alteria was started in 2017 by Murali and Ajay Hattangdi. The team had pioneered venture debt in India and funded over 250 startups in 15 years. Alteria has over 100 portfolio firms, including Infra.market, Rebel Foods, Dealshare, Spinny, Mensa Brands, BharatPe, Dunzo, Cars24, Good Glamm Group, Niyo, EarlySalary, Zepto, Lendingkart, and Portea, Toppr, among others.
Last October, VCCircle had reported that the venture debt fund has marked the first close of its third fund at Rs 1,000 crore.
