Jitendra Gupta built Jupiter Money as a mobile-first banking platform for India's digitally native generation.
From Citrus Pay to Jupiter Money, explore Jitendra Gupta’s second entrepreneurial journey and how he is reshaping digital banking for India’s millennials.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Quick Facts
| Founder | Jitendra Gupta |
| Education | Chartered Accountant (ICAI), Sydenham College, Mumbai |
| Prior Ventures | Founder, Citrus Pay (sold to Naspers, 2016); MD, PayU India; Founder, LazyPay |
| Role | Founder and CEO, Jupiter Money |
| Founded | 2019 |
| Sector | Neobanking |
Introduction
Jitendra Gupta had already built and sold one of India’s most successful fintech exits before he even started Jupiter Money. After Citrus Pay’s $130 million sale to Naspers (Plaksha University) and a three-year run leading PayU India, Gupta set out on his second act in 2019 with a mobile-first neobank built for India’s millennials. Six years on, Jupiter has grown into one of India’s most recognized digital banking platforms, backed by marquee global investors.
The Jupiter Story
Gupta spent seven formative years at ICICI Bank before founding Citrus Pay in 2010, growing it into a 300-person company before its landmark 2016 acquisition. (Plaksha University) He then led PayU India as Managing Director and built LazyPay, a pay-later product that scaled to over a million monthly active users. (werisebyliftingothers)
By 2019, restless to build something larger after a decade in the startup ecosystem, Gupta launched Jupiter to tackle a bigger challenge: making modern, transparent banking genuinely accessible to India’s digitally native generation. (YourStory)
Jupiter grew quickly. It raised a striking $24 million seed round while still in stealth mode, then scaled to nearly half a million users within its first two years of public launch. (YourStory; TechCrunch)
Business Model
Jupiter earns across several complementary revenue lines rather than relying on a single stream:
| Revenue Stream | How It Works |
|---|---|
| Interchange fees | 0.5-1.5% on debit card transactions from merchants |
| Interest income | Through Jupiter Edge micro-loans and NBFC-backed lending |
| Premium subscriptions | Advanced features, higher savings interest, exclusive rewards |
| Product commissions | Distribution fees from mutual funds, insurance, and other financial products |
| Deposit float | Compensation from banking partner Federal Bank on deposits routed through the platform |
(Sourced from Value For Startups)
Jupiter operates through a bank-partnership model with Federal Bank for deposits, while running its own NBFC, Amica Finance, since receiving RBI approval in April 2023, giving it the ability to lend directly from its own book. (IndianStartupNews)
Funding History
| Round | Year | Amount | Key Investors |
|---|---|---|---|
| Series B | Aug 2021 | Undisclosed | Existing and new investors |
| Series C | Dec 2021 | $86 million | Tiger Global, Sequoia Capital India, QED Investors, MUFG Bank |
| Series D | Oct 2025 | ₹115 crore (~$15M) | Mirae Asset, Beenext, 3one4 Capital, founder Jitendra Gupta |
(Sourced from TechCrunch and Entrepreneur India)
Jupiter has raised over $187 million across nine rounds to date, reaching a peak valuation of $711 million in its December 2021 Series C round. (CB Insights; QED Investors)
Revenue and Growth
Jupiter’s operating revenue has grown steadily, alongside a clear push toward tighter cost discipline:
| Metric | FY23 | FY24 |
|---|---|---|
| Operating Revenue | ₹48.86 crore | ₹51.2 crore |
| Net Loss | ₹327 crore | ₹233.63 crore (down 23.1%) |
(Sourced from Entrackr and Startup Story)
The company has said it delivered 2.2x revenue growth in FY25, continuing its momentum, and is targeting operational breakeven within the next 24 months as it scales its NBFC lending business into personal loans, SME loans, and secured lending. (Entrackr)
Jupiter vs Competitors
Jupiter competes with fellow Indian neobanks Fi Money, Open Financial Technologies, NiYO Solutions, and FamPay. (Entrackr) Its combination of a strong banking partnership, an in-house NBFC, and a diversified revenue base gives it a broader financial toolkit than many peers relying purely on interchange income.
Key Takeaways
- Jitendra Gupta, who previously built and sold Citrus Pay to Naspers, founded Jupiter Money in 2019.
- Jupiter has raised over $187 million across nine rounds, reaching a $711 million valuation in 2021.
- The company operates its own NBFC, Amica Finance, alongside a banking partnership with Federal Bank.
- FY24 losses fell 23.1% even as revenue continued growing, with FY25 revenue reportedly up 2.2x.
- Jupiter is targeting operational breakeven within the next two years while expanding into personal and SME lending.
FAQs
Who founded Jupiter Money?
Jitendra Gupta, previously founder of Citrus Pay and MD of PayU India, founded it in 2019.
Does Jupiter have its own banking license?
Not for deposits; it partners with Federal Bank for that. It does hold its own NBFC license through Amica Finance for lending.
How much funding has Jupiter raised?
Over $187 million across nine rounds, reaching a $711 million valuation in 2021.
Who are Jupiter’s competitors?
Fi Money, Open Financial Technologies, NiYO Solutions, and FamPay in India’s neobanking space.
© The Founder Nation | Written by TFN Research Desk
