Jupiter, a neobank that caters to Indian consumers has raised $45 Million in a new round of financing. The Bangalore and Mumbai-based startup is gearing up for its public launch in less than a month.Brazil-based Nubank, Global Founders Capital Sequoia Capital, Matrix Partners India and Sequoia Capital co-led the Series B financing round. Mirae Assets Venture joined the round, as did existing investors Addition Ventures and Tanglin VC. 3one4 Capital, Greyhound, and Beenext.The two-year-old Indian startup, having raised $70 million, is now valued at more than $300 million.Jupiter has created a neobank in India for Indian consumers. This startup launched its beta platform in June and aims to delight customers with their banking experience.Gupta, who co-founded CitrusPay, which was sold to Naspers PayU, and was the managing director of PayU, stated that we believe a bank account should have a smart function.Startup has created a variety of products, including a savings account that is bundled with features that simplify money management.The platform is positioned as a digital 100% bank and offers the option to buy now and then pay later using UPI. This standard was developed by a group of Indian banks and has been the most popular way for people in India to transact online.Nubank and Jupiter share the same mission to make banking as easy and enjoyable for customers. We want to eliminate all bureaucracy, pain and inefficiency. We are excited to invest in Jupiter's growth. The Indian and Brazilian markets share many similarities. David Vlez (founder and chief executive of Nubank), stated that they see great potential and are excited to join them on this journey. Brazilian giant Nubank raised $750 million in June at $30 billion valuation.Gupta told Thursday's interaction that the startup employs more than 120 people and is currently trying to hire the 100,000 people who signed up for its waiting list. Jupiter will be available to the public in about a month, he stated.Many startups are trying to improve India's banking experience. There are many firms that can provide credit cards and loans for anyone, no matter what age, whether you're a student, a recent graduate of college, or a working professional. Even these services have a limit.You cannot change the banking industry by operating from one side. You must fight from the centre where people deposit their money. Gupta said that it is a time-consuming and costly process, and requires significant initial capital and banking experience.Multiple people who are familiar with the matter say that Gupta has been in contact with scores of investors in recent quarters in order to invest in this round. Gupta stated earlier that he does not intend to raise much capital for his new venture.India's Neobanks like Jupiter are precisely what it needs: Someone who can provide simple, extensive, and high-quality digital bank services at a reasonable cost, stated Ashish Dave, chief executive officer of Mirae Asset Venture Investments India.Imagine a customer experience that is so great it makes banking accessible to people who are afraid of branch visits and long waiting periods. Banking must meet customers where they live and provide the best customer service. Jiten and his tech team have done just that on top of the existing bank stack.
