Neobanking startup Jupiter sees three senior exits amid crucial restructuring

Subscribe to enjoy similar stories. Bengaluru: The heads of three critical functions at digital bank Jupiter have resigned at a crucial juncture for the fintech startup, which is undertaking a cost-cutting and restructuring exerise.

At least two of them—Prithvi Raj Tejavath, business head–investments, and Vivek Agarwal, operations platform head–investments—plan to start their own company, said three people familiar with the developments. Aastha Sood, director–products, has also reigned but it wasn’t clear if she will also be a part of the new startup.

“Tejavath and Agarwal plan to build something of their own at the intersection of wealth management and artificial intelligence," said one of the three people familiar with their plans, adding that Tejavath and Agarwal had begun talks with investors on funding for their new venture. “(Jupiter) is also undergoing a restructuring exercise with various cost-cutting measures that are in place to reducing customer acquisition costs and head count in certain divisions," said the second of the three people familiar with the developments.

Also read | Is the fintech sector in India under a regulatory siege? Jupiter’s founder and chief executive officer Jitendra Gupta confirmed the departures of Tejavath, Agarwal and Sood. “At Jupiter, we have entrepreneurial culture and people operate like founders for their roles.

We strongly encourage people to start(up) if they have aspirations to do so and help them in conceptualising idea as well," said Gupta. “So far, we have created 16-17 companies out of Jupiter employees… this year also, we are seeing couple of people taking the path and we are supporting them." However, Gupta denied any layoffs at Jupiter, which has over 700 employees.