Neobank Jupiter's NBFC business raises Rs 20 crore from Peak XV, Matrix, others

Amica Finance Pvt Ltd, the NBFC (non-banking finance company-) business of consumer-focused neo-banking startup Jupiter, has raised Rs 20 crore in its maiden equity funding round that was led by Peak XV Partners, filings with the Registrar of Companies (RoC) showed.

Peak XV Partners invested Rs 5.2 crore while Matrix Partners infused Rs 4.3 crore into Amica Finance. Among the other investors were QED Fund, Greyhound Capital, Tiger Global, Beenext, Mirae Asset Venture Investments, and Global Founders Capital. These investors have also backed Jupiter.

As part of the fund-raise, Amica Finance issued 9,789,529 Series A compulsory convertible preference shares (CCPS) at an issue price of Rs 20.43 per share, the filings showed.


In April 2023, Jupiter secured an NBFC license from the Reserve Bank of India (RBI), a development that allows 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.

Recently, the neobanking startup also secured a prepaid payments instrument licence from the RBI, allowing it to offer digital wallets to users for making UPI payments, transferring funds, and paying bills.

Jupiter has so far raised $165 million across multiple funding rounds, including both debt and equity. The company had last raised $86 million in equity in December 2021, led by Tiger Global, valuing it at $711 million.