Neobank, Mumbai | Bengaluru Jupiter has secured $45 million in a fresh round of fundraising headed by Brazil's Nubank, Global Founders Capital, and current backers Sequoia Capital and Matrix Partners, according to founder and CEO Jitendra Gupta.
Mirae Asset, based in South Korea, also took part in the financing for a minority share.
Jupiter is one of numerous Indian fintech businesses that have joined the embryonic neobanking market, including Open, EpiFi, Razorpay, and Niyo. Open was in discussions to conclude a $100-120 million fundraising round sponsored by Amazon, Visa, and Google, ET exclusively revealed in June.
Gupta obtained around $25 million in early capital from Sequoia Capital, Matrix Partners, 3One4 Capital, Tanglin Venture Partners, and other significant investors after Citrus Pay was bought by the fintech business of Prosus (previously Naspers). Jupiter NSE -1.46 percent is developing a suite of solutions aimed at promoting customer financial wellbeing and assisting them in achieving their financial objectives.
WallMantra intends to use the cash to improve its sales and marketing capabilities, as well as introduce visually attractive décor goods for the Indian and US markets, according to the company.
WallMantra, a home design and furnishing business, announced on Friday that it has acquired Rs 2 crore in a seed round of investment from Fluid Ventures Fund.
WallMantra stated in a statement that the cash would be used to expand its sales and marketing skills as well as introduce visually stunning décor goods for the Indian and US markets.
"Our partnership with Fluid Ventures will significantly assist the brand on our journey to growth," stated Jitesh Agarwal, CEO and co-founder of WallMantra.
On its homepage, wallmantra.com, the firm claims to sell over 10,000 goods every month to a customer base of over 2.5 lakh across India.
With the emergence of the COVID-19 pandemic, house nesting had become a necessity, as consumers stock levels in upgrading their new homebound existence, according to Fluid Ventures Founding Partner Amit Singal.
"This lifestyle has been a driving factor for WallMantra, which has done an incredible job inventing and introducing goods based on ongoing consumer purchasing behavior, resulting in 90% of sales originating from their own website," he continued.
In other news, Jupiter, a Neobanking start-up, has secured Rs 641.40 crore in a Series-C round of investment headed by Tiger Global and Sequoia Capital.
Jupiter claimed on Wednesday that it has increased the company's value to over Rs 5,302 crore. Neo-banks are digital banks that do not have physical branches.
Tiger Global, Sequoia Capital India, and US-based venture firm QED Investors led the newest round of fundraising, which was joined by previous investors such as Matrix Partners India.
The money comes little over a month after the two-year-old business exited beta phase and formally debuted its services, according to a press release.
Existing investors in Jupiter include Brazil-based Nubank, Global Founders Capital, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital, and Beenext, among others.
Jitendra Gupta, the founder and CEO of Jupiter, stated, "We believe we are living in a unique period in which people are adopting technology at a quicker rate than projected. Instead of a standard banking app, consumers want a location where they can have a better experience with their financial."
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