India's premier money app, Jupiter, has received a commitment of Rs 100 crore in tailored venture debt, from specialty debt financing firm, Alteria Capital, proceeds of which will be primarily used towards further building and scaling up the Mumbai and Bengaluru-based company’s bouquet of lending products.
The transaction, the first of its kind in the space, and one of the largest commitment by Alteria till date, will further solidify Jupiter’s market leading position across the broader Indian financial services space, while also leveraging synergies across the Jupiter group.
“We are delighted to join hands with Alteria Capital who are also aligned on our mission to democratise credit in India and encouraging responsible use of the same." Jitendra Gupta, Founder and CEO, Jupiter, said.
He further said that the partnership will act as a catalyst to the company's efforts of building an all-inclusive and innovative platform for cutting-edge financial services products.
"As we enter the new year, we at Jupiter look forward to providing accessible and affordable credit options to our customers, thereby creating a healthy credit growth in the country,” Gupta added.
Vinod Murali, Managing Partner and Co-Founder, Alteria Capital, said that Jupiter is a very strong brand in the personal finance app space for Indian consumers. Providing customised and agile credit products is going to be an important differentiator and Jupiter is well placed to target this opportunity.
“This is one of the largest commitments for Alteria and we are excited to partner with Jitendra and the team at Jupiter to help facilitate their credit journey and make a meaningful impact in the Indian retail credit ecosystem,” he added.
In late-2022, Jupiter, which counts the likes of Tiger Global, QED Investors, Sequoia Capital India, Matrix Partners India, Brazil-based Nubank, Global Founders Capital, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext among its list of blue-chip investors, launched its first-of-a-kind On-Demand Salary product that provides users with the freedom to withdraw their salary basis the number of days they have worked, on any day of the month.
At the time of its launch, it had rolled out its wildly successful flagship 100 percent digital savings bank account in partnership with Federal bank with always-on help and in-built money management features like real-time spend insights, tracking liquid assets across bank accounts, personalised savings goals, and sending, receiving funds via UPI.
This year, the three year-old company is preparing to roll out multiple innovative investments and credit-focused products designed to broaden the Indian consumers’ basket of financial offerings, the company said in a press note.
