Neobank fintech firm Jupiter has raised Rs 100 crore—$12 million—in venture debt financing from Alteria Capital, a Mumbai-based debt capital investor.
Founded in 2019, Jupiter offers users digital bank accounts in partnership with the Federal Bank. The firm has raised a total of $158 million in funding from investors such as Sequoia Capital India, Tiger Global, and Matrix Partners India.
Funds raised via the venture debt round will primarily be used to scale up Jupiter's lending products, according to a statement announcing the fundraise.
"As we enter the new year, we at Jupiter look forward to providing accessible and affordable credit options to our customers," Jitendra Gupta, CEO of Jupiter, said in the statement.
Jupiter competes with other neobanks such as Fi, Freo, and Niyo, among others.
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