New Delhi: Jupiter, a neobanking startup, has obtained a NBFC license from the Reserve Bank of India (RBI), enabling the company to provide credit from its own resources. According to Jitendra Gupta, the founder of Amica Financial Technologies Ltd., which operates Jupiter, the company will appoint a professional chief executive officer to manage the NBFC operations.
The startup will offer loans under Amica Financial Technologies, the private entity that operates Jupiter, said Gupta.
The platform, which offered small ticket loans in partnership with NBFCs under Loan Service Providers (LSP) model, can now lend via its own NBFC books to the tune of Rs 50,000 up to Rs 1 lakh.
This is a significant development for Jupiter as the company has been expanding its lending operations through partnerships with NBFCs. With the NBFC license, Jupiter will have more control over its lending operations and will be able to offer credit directly from its own books, providing greater flexibility and control over the lending process.
Backed by Tiger Global, QED Investors, Sequoia India, and Matrix Partners, Jupiter recently raised Rs 100 crore in venture debt from Alteria Capital. The startup said it would use the funds to scale and expand lending products in India. “We are infusing our own equity of Rs 100 crore and will be raising an equivalent of debt from banks,” Gupta said.
