Jupiter - How it Extends the Banking that Keeps Pace with You?

Jupiter - How it Extends the Banking that Keeps Pace with You?
Jupiter - How it Extends the Banking that Keeps Pace with You?

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Money transactions are a part of our daily life now! Nowadays, Rs 100 to Rs 200 are even transferred online. In today's world, nobody needs to carry cash along with themselves anymore whenever outdoors. Life has become quite easy now because no one has to really be afraid of thefts and other impending risks involving money. This is all because of the emergence of digital banking. This digital banking, which sprouted under the umbrella of physical banks or financial institutions is now rapidly growing to be a new entity, where all the retail banking services are offered to the customers independently.

Jupiter is one of the promising digital banking startups that is modeled on the neobanking concept. Headquartered in Mumbai, Maharashtra, Jupiter promises a wide range of banking and account-related services, unique savings pots, real-time spend breakdowns and insights, real-time monitoring of your net worth, and more, all of which might also present you excellent rewards. Therefore, with Jupiter, you can master your own money without any hassles. There's no scene of hidden fees at Jupiter. This banking company also provides its users with instant rewards like no one else.

Hooked? Read the Jupiter success story below with along with knowing about the industry, Founders and team, Startup story, Business model, Revenue model, Funding and Investors, Competitors, and more!

Jupiter - Company Highlights

Startup Name Jupiter
Headquarters Mumbai, Maharashtra, India
Sector Banking, Fintech
Founder Jitendra Gupta
Founded 2019
Website jupiter.money

Jupiter - About
Jupiter - Industry
Jupiter - Founder and Team
Jupiter - Startup Story
Jupiter - Mission and Vision
Jupiter - Business Model
Jupiter - Employees
Jupiter - Funding & Investors
Jupiter - Investments
Jupiter - Shareholdings
Jupiter - Acquisitions
Jupiter - Growth and Revenue
Jupiter - Partnerships
Jupiter - Advertisements and Social Media Campaigns
Jupiter - Competitors
Jupiter - Future Plans

Jupiter - About

Jupiter is a banking app which delivers a banking experience that fluidly changes with the speed of the user. Jupiter guarantees transparency in financial transactions by demystifying technical banking jargon. With a wide range of modern features, the app provides insightful analysis based on spending habits. Jupiter makes financial management simple and confident, enabling users to move confidently and easily across the banking environment.

Besides this it also integrates unique facilities to the customers of monitoring their wealth, offers real-time spend breakdowns with insights, and helps them with convenient savings pots for the customers to save for their purchase. Furthermore, all of these can be managed on a real-time basis. The amount on your Jupiter account can easily be withdrawn from any of the nearest ATMs in your locality. Jupiter is also considered among one of the fastest payment apps based on UPI.

Jupiter - Industry

The Indian banking sector is forever booming. According to the RBI, the banking sector of India is sufficiently capitalized and well-regulated. Besides, the credit, market, and liquidity risk studies have also indicated that the banking sector in India is resilient and can also withstand global downturns.

The finance and banking space was further backed up by the 'Pradhan Mantri Jan Dhan Yojana, which was launched by Prime Minister Narendra Modi in 2014. This has been done primarily to ensure the spread of the banking sector to the rural parts of the country. Anyways, the banking sector, as of 2021, has already been almost digitized, where most people prefer their transactions to be online rather than being offline. Besides, with the rise of the various FinTech companies, availing efficient digital banking services has now been faster and easier than it was ever before.

In 2018, the global neobank market was estimated to be worth $18.6 billion, with a remarkable compound annual growth rate (CAGR) of around 46.5% from 2019 to 2026. It is projected that the market will reach a valuation of around $394.6 billion by 2026. Due to their meteoric rise and widespread adoption of digital banking technologies, neobanks are positioned as major players reshaping the global financial environment.

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Jupiter - Founder and Team

Jitendra Gupta, Founder, Jupiter

Jitendra Gupta

Jitendra Gupta is the founder and CEO of the company, Jupiter. He was the Managing Director of PayU for more than two years before founding Jupiter. Prior to that, Jitendra Gupta founded a company as well, named Citrus Payment Solutions Pvt. Ltd. Besides, he was also the Chief Manager and the Regional Sales Manager of ICICI Bank where he worked for a total period of seven years. Jitendra Gupta began his career as an Article Trainee at Lodha & Co. and then had a brief stint as a Staff Accountant at RSM & Co. Jitendra Gupta pursued his BCom degree from the Sydenham College of Commerce & Economics and then went on to obtain a degree as a Chartered Accountant.

Jupiter - Startup Story

Jitendra Gupta then had served Naspers-owned PayU for 3 years when he began his second phase of entrepreneurship in August 2019 and planned to found "something large and impactful", which he missed out on even after staying in the startup ecosystem for over 10 years. Gupta eventually decided to leverage his finance and banking experience in the form of a disruptive idea of revolutionizing the traditional banking system. He aimed towards building a mobile-first experience for all of the Indians. His plan of building a cost-effective and bright digital banking space for the Indians eventually was materialized in the form of Jupiter, with the help of which the younger generations would be able to manage their money well.

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Jupiter - Mission and Vision

Jupiter was built with a vision of disrupting the Indian banking system, thereby standing as a business that would transcend the mere transactional relationship with customers.

Jupiter founder, Jitendra Gupta said,

“We wanted to deliver a personalised banking experience with the mindset of an internet company. Our customer service is not differentiated based on a customer’s balance, and we give them an instant resolution to their needs”.
Jupiter Logo
Jupiter Logo

The neobanking company is named Jupiter because they dream to becoming the biggest financial services company in India.

“We called our product Jupiter, which is the biggest planet, because we have aspirations to become the largest financial services company in India,” said Jupiter Founder Jitendra.

Jupiter - Business Model

Jupiter serves as a digital banking company, which offers a wide range of exciting facilities to help and satisfy the growing demands of young and old in India.

The business model of this company is loosely based on UK's digital mobile-only bank, Monzo, and Brazil's Nubank.

Jupiter offers four products to save money, as per expert insights, monitor their savings effectively, and earn rewards as per news report of 2021. The largest banking partner of the company is Federal Bank, followed by NPCI and VISA.

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Jupiter - Employees

Jupiter announced Employee Stock Ownership Plan (ESOPs) worth $4 million in liquidity transactions for both its past and present employees, as per news dated March 3, 2022.

"The Founder and CEO of neobank Jupiter, Jitendra Gupta said “ESOPs instil a true feeling of ownership amongst individuals and are the key to creating long-lasting, generational wealth.”

Jupiter - Funding and Investors

Jupiter has raised a total of $167.1 million over the five funding rounds it has seen so far.

Here are the funding details:

Date Transaction Name Money Raised Lead Investors
Dec 30, 2022 Debt Financing Rs 25 cr Alteria Capital
Dec 27, 2021 Series C $86 million Peak XV Partners, QED Investors, Tiger Global Management
Aug 5, 2021 Series B $45 million Global Founders Capital, Matrix Partners India, Nubank, Peak XV Partners
Apr 8, 2020 Series A $2 million Hummingbird Ventures
Nov 5, 2019 Seed Round $24 million Peak XV Partners

Some leading investors of Jupiter are Global Founders Capital, Sequoia Capital, Matrix Partners, and more.

Jupiter - Investments

Jupiter has invested in two companies. It has invested $7 million in Dust Labs on September 6, 2022, with seed round funding, and another $330K pre-seed investment in Pencilton on July 27, 2021.

Jupiter - Shareholdings

Jupiter shareholdings from resource Entrackr as of 2021:

Shareholders Name Percentage
Promoters 47.25%
Matrix Partners 10.80%
Sequoia 10.80%
Amrish Rau 2.95%
Nu Holdings Ltd 3.17%
Beenext 3.68%
Rocket Internet 2.63%
3one4 Capital 3.14%
Greyhound Capital Partner 1.75%
Others 13.83%

Jupiter - Acquisitions

Jupiter has acquired two company till date, which goes by the name sumHR acquired on September 17, 2023, and EasyPlan, an AI-powered financial savings app acquired on June 28, 2021.

Jupiter - Growth and Revenue

The beta app of Jupiter serves 100,000+ users who had signed up to the waitlist and eventually was about to be rolled out to the general public as well as per news report of June, 2022. Jupiter released the Bullet Money app in 2020, a micro-lending (‘Buy Now Pay Later’) app that to extend small-ticket loans up to Rs 10,000 for the customers to use for UPI-led purchases. The bullet money app has been renamed Jupiter Edge, with credit limits up to Rs 20,000. Similar to LazyPay, which Jitendra had launched at PayU, Bullet at that time amassed over half a million downloads.


The fintech company Jupiter recorded a sharp increase in operating revenue in the fiscal year 2023, with income of Rs 7 cr as opposed to Rs 42 lakhs the year before FY22.

On the other hand, the company's consolidated net loss increased significantly, rising from Rs 156.3 cr in FY22 to Rs 327 cr in FY23, a 109% rise. This surge in losses is linked to roughly 113% higher expenses, mainly due to a tripling of processing fees and software and tech costs, amounting to Rs 383 cr. Jupiter's financial dynamics highlight the costs and difficulties that come with operating in the competitive fintech space throughout the given fiscal year.

Jupiter was in its pre-revenue stage during FY21. Jupiter posted Rs 18,000 as its operating revenue in FY21 from nil income in the previous fiscal FY20. The company has also witnessed some of its revenues coming in from its other income, which equals Rs 11.85 cr and is a significant rise from Rs 7 lakhs in FY20.

Jupiter Revenue Breakdown

Jupiter Revenue Verticals FY20 FY21 FY22
Operating revenue - Rs 18,000 Rs 42 lakhs
Other income Rs 7 lakhs Rs 11.85 cr -

Jupiter Expenses Breakdown

Jupiter Expenses Verticals FY20 FY21 FY22
Employee benefit expenses Rs 2.77 cr Rs 17.94 cr Rs 68.6 cr
Marketing and advertising Rs 0.5 cr Rs 1.37 cr Rs 50.14 cr
Rent Rs 0.86 cr Rs 1.74 cr -
IT and Communication Costs Rs 0.13 cr Rs 1.88 cr Rs 20.31 cr
Professional and legal fees Rs 0.26 cr Rs 1.3 cr Rs 16.94 cr
Others Rs 1.78 cr Rs 1.6 cr Rs 27 cr

Jupiter Financials

Jupiter Financials FY20 FY21 FY22 FY23
Operating revenue - Rs 18,000 Rs 42 lakhs Rs 7 cr
Total expenses Rs 6.34 cr Rs 26 cr Rs 183 cr -
Profit/Loss Loss of Rs 6.27 cr Loss of Rs 14.18 cr Loss of Rs 156.3 cr Loss of Rs 327 cr
EBITDA Margin -8857% -115% -810.57% -

Jupiter - Partnerships

Jupiter has previously partnered with Federal Bank and Visa, which powers the neobank that allows the users to issue zero-balance savings bank accounts and debit cards. It also has an association with Axis bank along with the Federal Bank to offer the savings bank account features.

Jupiter - Advertisements and Social Media Campaigns

Make Any Day Salary Day, #MonthEndKaTheEnd

Make Any Day Salary Day - End of shady loan apps

This advertisement video emphasizes the risks associated with taking out month-end loans from questionable apps. In the movie, a Pehelwaan, a goon employed by these rapid loan applications to retrieve any money they have loaned to defaulters, is shown.

It exposes the unsavory truths of obtaining quick loans from these kinds of apps, particularly month-end loans. The endearing account of one such Pehelwaan serves as a warning about the dubious nature of these lending apps, their exorbitant interest rates, and their concealed terms and conditions.

Jupiter - Competitors

The top competitors of the company Jupiter are as follows -


Fi is the topmost competitor of Jupiter. It is headquartered in Bengaluru, Karnataka, India, and was founded in 2019. Fi competes in the Fintech field.


NiYO is perceived as one of the top competitors of Jupiter like mentioned above. This is also a Bengaluru-based company that was founded in 2015.

Jupiter - Future Plans

Jupiter is set against the challenge of maintaining the "fine balance between compliance and agility.”

As per January 2023 news report, the company is seeking to differentiate itself from competitors by offering users customized and agile credit products.


Is Jupiter neobank safe?

Jupiter neobank is a fair and transparent digital bank, which ensures that its charges structure is fair. The digital bank doesn't rely on any hidden fees.

What is a Jupiter zero balance account?

Jupiter is designed as a digital bank for the convenience of the uses across the country. The bank promises to be a 100% digital bank, built in partnership with Federal Bank, which extends the zero-balance advantages for the customers where the users shall not have to pay any fees against the saving bank that they will open with Jupiter.

Is Jupiter a banking app?

Jupiter is a digital banking app, established with a simple aim, which is to deliver a banking experience that keeps pace with the users.

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