Neobank Jupiter's NBFC business raises Rs 20 crore from Peak XV, Matrix, others
Jupiter’s non-banking finance company (NBFC) business, housed under a separate entity named Amica Finance Pvt Ltd, has raised Rs 20 crore in its maiden equity funding round from investors, including Peak XV Partners and Matrix Partners.
The funding round was led by Peak XV Partners, with an infusion of Rs 5.2 crore, followed by Matrix Partners, with a Rs 4.3 crore investment. Other investors in the round include QED Fund, Greyhound Capital, Tiger Global, Beenext, Mirae Asset Venture Investments, and Global Founders Capital, among others. These investors have also backed Jupiter.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitAs part of the fundraise, Amica Finance issued 9,789,529 Series A compulsory convertible preference shares (CCPS) at an issue price of Rs 20.43 per share, regulatory filings with the Registrar of Companies (RoC) showed.
In April 2023, Jupiter secured an NBFC license from the Reserve Bank of India (RBI), which will help it give credit from its books, having previously scaled its lending operations through partner NBFCs. At the time, Jupiter founder Jitendra Gupta had told ET that the company was looking to hire a professional chief executive for the NBFC unit. The firm has not hired the CEO so far.
The development was first reported by Entrackr.
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