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Thursday, January 21, 2021
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PayU India’s ex-MD Jitendra Gupta’s digital banking startup Jupiter raises $2mn

PayU India's former MD Jitendra Gupta's digital banking startup Jupiter has raised $2 million in a round led by British VC firm Hummingbird Ventures and US-based Bedrock Capital. As per an ET report, the startup is valued at $100 million following the round.

Former PayU India managing director Jitendra Gupta’s digital banking startup, Jupiter, owned by Amica Financial Technologies, has raised an additional $2 million in a top-up funding round led by British venture capital firm Hummingbird Ventures and US-based Bedrock Capital.

As per the reports, the latest investment valued Jupiter at $100 million. 

In November 2019, the startup had secured $24 million in a seed round from a number of venture capital firms including Sequoia Capital, 3one4 Capital, Matrix Partners and Beenext, as well as a clutch of top angel investors. Post the funding, the startup was valued at $70 million.    

With a 50-member team based out of Mumbai and Bengaluru, Jupiter, which is currently in stealth mode, plans to officially launch its flagship product in July.

Gupta, who co-founded fintech startup Citrus Pay, was sold to Naspers-owned PayU in 2016 for about $130 million. The Mumbai-based chartered accountant then joined PayU’s India operations for three years and is considered one among a high-profile second-time entrepreneurs who have racked up big funding even before officially launching their companies.

In February 2020, PayU India Co-founder Shailaz Nag’s new startup, Dot, also announced raising an initial seed funding of around $8 million, led by PayU and Fosun RZ Capital. Gurugram-based Dot is Shailaz Nag’s second stint as an entrepreneur after he quit PayU in July last year.

Other high-profile second-time entrepreneurs include Kunal Shah, who started Cred, and Ashish Kashyap, who founded INDWealth last year after leaving GoIbibo.

In 2019, Bengaluru-based Cred had raised close to $120 million as a part of its Series B round led by fintech fund Ribbit Capital, Gemini Investments, as well as existing investor Sequoia Capital (through its fund, SCI Investments V). With this round of funding, the total valuation of the startup stood at around $450 million.

Earlier this year, Gurugram-based INDwealth received $12 million as part of its Series C funding from Steadview Capital, Tiger Global, and DF International. In 2019, the firm also raised a $15 million round led by Tiger Global and $30 million funding led by Steadview Capital in November of 2018.

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