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<ul><li>Jupiter is currently among the highest valued Indian startups outside of the unicorn club.</li><li>The platform is in the third year of its operation and was working as an invite-only preposition till 2021.</li><li>It would be crossing its first million users by next week, the company’s CEO <keyword id="1289434" type="General" weightage="20" keywordseo="jitendra-gupta" source="Orion">Jitendra Gupta</keyword> said.</li></ul>After being valued at a whopping <a href="https://www.businessinsider.in/business/startups/news/khatabook-dunzo-purplle-rapido-and-17-other-startups-that-can-become-unicorns-in-2022/slidelist/88614480.cms">$710 million</a> last December, neobanking startup Jupiter wants to stay away from the hustle of becoming a unicorn – startups valued above $1 billion – this year at least. Jupiter’s founder and chief executive officer (CEO) Jitendra Gupta told Business Insider that the firm doesn't want to raise any capital in the next 12 months at least as Jupiter still has been able to spend the capital since its inception in 2019. “We are pretty comfortable from a cash position standpoint. We have at least a four to five year runway with us. So from that side we are pretty comfortable and we don’t want to distract ourselves by just getting into this whale external validation. So we have enough cash, we know our strategy, what we want to do, so we just want to stay focused heads down in the queue for the next 24 months. And then finally worry about all these other stuff,” Gupta noted. Jupiter is a digital banking startup that allows customers to set up their savings bank account with in-built money management features such as real-time spend insights, tracking liquid assets across bank accounts, personalised savings goals and managing transactions. The three-year-old startup is now looking to get aggressively into the lending and wealth management space in order to offer a wider array of offerings for its customers. It claims to add over 150,000 users on its platform on a monthly basis and wants to stay put at that number for now and focus on building better offerings, instead of aggressively scaling the platform even further. Gupta also noted that Jupiter would be crossing its first million users by next week. It had initially expected to hit this target by June 2022. The company, in the first two years of its operations, focused on an invite-only offering which helped it to build a better buzz around the brand. The company opened up its platform for all users in<a href="https://www.livemint.com/companies/news/neobank-jupiter-expands-services-to-indian-consumers-11635223458430.html"> October 2021</a>. According to business intelligence platform Crunchbase, Jupiter has raised a little over $150 million to date. It counts Mirae Asset Venture Investment, Sequoia Capital India, Matrix Partners India, Rocket Internet Japan-based MUFG Bank and Tiger Global Management as its investors. Jupiter is currently among the highest valued Indian startups outside of the unicorn club. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ola-may-be-rushing-into-electric-cars-when-scooters-continue-to-underperform/articleshow/91141264.cms" style="">Is Ola hurrying into its electric car dream?</a> <a class="tout-title-link" href="https://www.businessinsider.in/thelife/personalities/news/the-rise-and-fall-of-zuck-from-the-third-richest-person-in-the-world-to-eighteenth-zuckerbergs-fall-reflects-that-of-facebooks/articleshow/91147088.cms">The rise and fall of Zuck: From the third richest person in the world to 18th, Zuckerberg’s fall reflects that of Facebook’s</a> <a href="https://www.businessinsider.in/business/corporates/news/lic-ipo-policyholders-and-employees-need-to-know-these-terms-and-conditions-to-apply-for-ipo/articleshow/91142300.cms" data-type="tilCustomLink">LIC IPO: If you are a policyholder, this is how much discount you get</a>

INTERVIEW: Don’t want to get distracted with the unicorn status, says Jupiter’s Jitendra Gupta

<ul><li><keyword id="34757" type="General" weightage="20" keywordseo="jupiter" source="Orion">Jupiter</keyword> is now looking to foray into lending as well as wealth management space.</li><li>Jupiter is a digital banking startup that allows customers to set up their savings bank account.</li><li>It expects to launch its wealth management solutions in the third quarter, between July to September 2022.</li></ul>After opening up its digital bank to everyone last year, neobanking startup Jupiter is now looking to expand its business offering by foraying into lending as well as wealth management solutions for its existing customers. The company’s founder and chief executive officer (CEO) <keyword id="1289434" type="General" weightage="20" keywordseo="jitendra-gupta" source="Orion">Jitendra Gupta</keyword> told Business Insider that Jupiter has three main areas of focus at the moment — increasing user engagement on the platform, investment options and introducing consumer lending services, which will help them monitise the platform. Jupiter is a <a href="https://jupiter.money/team/">digital banking startup</a> that allows customers to set up their savings bank account with in-built money management features such as real-time spending insights, tracking liquid assets across bank accounts, personalised savings goals and managing transactions. <cmsannotation type="cmsannotation" annotationid="Jupiter’s plans with lending" comment="subhead" text="Jupiter’s plans with lending">Jupiter’s plans with lending</cmsannotation> As far as lending is concerned, Jupiter wants to start its lending journey with a credit line offering by June this year and later expand into the <keyword id="180660" type="General" weightage="20" keywordseo="personal-loan" source="Orion">personal loan</keyword> domain. The option would only be open for Jupiter users, who have signed up with the platform and bank with them. Even though the competition in the personal lending space has been quite tough with the existence of players like Paytm and Mobikwik, Jupiter is not too concerned about that as the market is quite big to accommodate several big players. “Even if you keep offering the 10-15% customers, it’s a very very sizable offering,” Gupta emphasised. Secondly, the company plans to differentiate itself by offering credit lines and loans to <a href="https://www.businessinsider.in/business/startups/news/neobanking-startup-jupiter-jitendra-gupta-says-he-does-not-want-to-get-distracted-with-unicorn-status/articleshow/91148726.cms">existing one million customers</a> instead of keeping the offering open to all. Gupta noted that sourcing customers from the open market is riskier since there is no other relation between the customer and lender, in their case, however, the customers are banking with them on a regular basis, which makes it easier for the company to judge their credit profiles. <cmsannotation type="cmsannotation" annotationid="Mutual Funds may be launched by September this year" comment="subhead" text="Mutual Funds may be launched by September this year">Mutual Funds may be launched by September this year</cmsannotation> On the wealth side, the company plans to start with <a href="https://www.businessinsider.com/personal-finance/mutual-funds">mutual funds-type of products </a>since it majorly serves retail investors. The company intends to offer a “boutique of investment products” according to the customer's risk profile. “We haven't decided anything there, honestly. It is currently In the planning phase. But the roadmap is still not very clear. What I am very sure or certain [of] is that mutual funds are a no-brainer, because for any retail customer that is a first product they want to experience,” Gupta noted. Jupiter expects to launch its wealth management solutions in the third quarter, between July to September 2022. The three-year-old company will compete with startups like Zerodha, Groww, Upstox, Paytm Money and Mobikwik in the wealth management space. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/zomato-policybazaar-nykaa-and-paytm-shares-witness-sharp-corrections/articleshow/91365062.cms" data-type="tilCustomLink">New-age startups Zomato, PolicyBazaar, Nykaa and Paytm witness sharp corrections, market cap craters by over ₹6,000 crore</a> <a href="https://www.businessinsider.in/stock-market/news/ril-tvs-motor-voltas-among-stocks-to-watch-out-for-on-may-6/slidelist/91362043.cms" data-type="tilCustomLink">RIL, TVS Motor, Voltas among stocks to watch out for on May 6</a> <a href="https://www.businessinsider.in/stock-market/news/delhivery-ipo-size-cut-down-by-a-third-due-to-market-volatility-and-lic-ipo-say-analysts/articleshow/91348072.cms">Delhivery IPO size cut down by a third due to market volatility and LIC IPO, say analysts</a>

INTERVIEW: Jitendra Gupta’s Jupiter neobank is all set to foray into personal lending and mutual funds this year

<ul><li><keyword id="10978288" type="General" weightage="20" keywordseo="flobiz" source="Orion">FloBiz</keyword>, focused on small and medium businesses in India, has raised $31 million in a Series B funding round, led by venture capital firm <keyword id="122716" type="General" weightage="20" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> India, along with Think Investments.</li><li>The capital will be deployed for team expansion, product development and scaling distribution to serve more businesses.</li><li>Besides business expansion, FloBiz looks to triple its engineering, product and data teams within the next six months.</li></ul>Flobiz, a neobank focused on small and medium businesses in India, has raised $31 million in a Series B funding round, led by venture capital firm Sequoia Capital India, the company said in a press release on Monday. The round also saw participation from early-stage VC firm Think Investments, along with FloBiz’s existing investors Elevation Capital and Beenext. Neobanks are fintech firms that partner with banks and non-banking financial companies in order to provide digital banking services to its customers. Besides VC firms, the Bengaluru-based firm also got money from Paytm Founder and Chief Executive Officer (CEO) <keyword id="198636" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="Orion">Vijay Shekhar Sharma</keyword>, CRED Founder and CEO Kunal Shah, neobank Jupiter’s Founder Jitendra Gupta, Pine Labs’ CEO Amrish Rau, among others. “The capital will be deployed for team expansion, product development and scaling distribution to serve more businesses. FloBiz will also focus on building additional technical capabilities within the organisation, as it prepares to venture into financial services soon,” the company said. Apart from business expansion, the firm is also planning to triple its engineering, product and data teams within the next six months. The fresh round of funding, said Rahul Raj, co-founder and CEO of FloBiz, will help the company accelerate its ongoing projects, including building personalisable modules and features into myBillBook, diversifying core product offerings and preparing to roll out financial services “We have a slew of developments in the pipeline to further delight our SMB [small and medium businesses] partners in the next 12 months,” he said. The company’s flagship product myBillBook, launched in January last year, helps small businesses digitise invoicing, streamline business accounting and automate workflows of their enterprises. Further, it helps in management of inventory, receivables and payables, along with providing an access to business reports. Currently, the company claims to have over a million monthly active users, with businesses recording over $1 billion worth of transactions on myBillBook every month. With over 5 million downloads across the country, myBillBook app is mainly used by businesses in Maharashtra, Delhi NCR, Uttar Pradesh, Gujarat and Tamil Nadu, which account for more than half of its total user base. The company looks to further strengthen its presence in Bihar, Rajasthan, Karnataka and West Bengal, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/emmys-2021-netflix-beats-hbo-for-the-first-time-with-the-most-number-of-awards/articleshow/86365603.cms">Emmys 2021: Netflix beats HBO for the first time with the most number of awards</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/facebook-appoints-former-ias-officer-as-head-of-public-policy-a-year-after-ankhi-das-quit/articleshow/86362701.cms">Facebook appoints former IAS officer as head of public policy, a year after Ankhi Das quit</a>

This neobank for India's small businesses just raised $31 million led by Sequoia Capital

<ul><li>Three new IPOs will open for subscription next week — Delhivery, Prudent Corporate Advisory Services, and Venus Pipes &amp; Tubes.</li><li>At the same time, two IPOs — Campus Activewear and Rainbow Children's Medicare — will debut on the exchanges.</li><li>The IPO of LIC will remain open for subscription till May 6, Monday.</li></ul>Initial public offering (IPOs) are back in town and next week will be one of the busiest weeks for the primary market as three issues will open for subscription and two others will hit the market. The IPOs of Delhivery, Prudent Corporate Advisory Services, and Venus Pipes &amp; Tubes will be launched next week. At the same time, two IPOs – Campus Activewear and Rainbow Children's Medicare will debut on the exchanges. The <a href="https://www.businessinsider.in/stock-market/news/sensex-nifty-50-tank-nearly-2-and-here-are-the-top-losers-in-it-banking-and-other-sectors/articleshow/91363804.cms">current weak market </a>sentiment may have some bearing on the flow of primary investments. The Indian stock market is facing a huge sell-off which has wiped out nearly <a href="https://www.businessinsider.in/stock-market/news/the-stock-markets-are-going-through-a-short-term-correction-and-now-might-be-a-good-time-to-invest-in-valued-stocks-say-analysts/articleshow/91369077.cms">₹5 lakh crore investor </a>wealth today. Investors are concerned with rising inflation and the rate of borrowing money in the country. Adding to it, the largest IPO of <a href="https://www.businessinsider.in/stock-market/news/lic-ipo-sees-poor-demand-due-weak-market-conditions-and-rbis-sudden-rate-hike-say-analysts/articleshow/91338105.cms">LIC witnessed poor demand </a>due to weak market conditions and RBI’s sudden rate hike. Here are the three IPOs opening next week: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prudent Corporate Advisory Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 12 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhivery </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 11 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 13 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Venus Pipes &amp; Tubes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 11 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 13 </td></tr></tbody></table> <keyword id="6661978" type="General" weightage="20" keywordseo="delhivery-ipo" source="Orion">Delhivery IPO</keyword> to open on May 11 to raise ₹5,235 crore New age logistics startup Delhivery is all set to go for an IPO next week to raise ₹5,235 crore. The company had initially planned to raise ₹7,460 crore, but <a href="https://www.businessinsider.in/stock-market/news/delhivery-ipo-size-cut-down-by-a-third-due-to-market-volatility-and-lic-ipo-say-analysts/articleshow/91348072.cms">decided to reduce </a>the issue size by a third because of volatile equity market conditions and the ongoing LIC IPO that may eat up the liquidity. Delhivery provides a full range of logistics services, including express parcel delivery, heavy goods delivery, PTL freight, TL freight, warehousing, supply chain solutions, cross-border express among others. The net proceeds from the IPO will be used to fund its acquisitions and expansion plans. The IPO will open on May 11 and close on May 13 with a price band of ₹462 - ₹487 per share . Shares of the company are already commanding a premium of ₹25 per share in the grey market. <keyword id="12432786" type="General" weightage="20" keywordseo="prudent-corporate-advisory-services-ipo" source="Orion">Prudent Corporate Advisory Services IPO</keyword> will open on May 10 to raise ₹538 crore The IPO from retail wealth management firm Prudent is a complete offer for sale of 85.49 lakh shares by promoters and shareholders of the company. The company offers mutual fund products, insurance products, stock broking services, fixed income products, gold accumulation plan and so on. It provides wealth management services to 7.72 lakh unique retail investors through 17,583 mutual fund distributors (MFDs) as on May 31, 2021. The IPO will open on May 10 and close on May 12 with a price band of ₹595 - ₹630 per share. Prudent Corporate shares have been commanding a premium (GMP) of ₹35 in the grey market. Venus Pipes &amp; Tubes to open on May 11 to raise ₹165 crore This Gujarat-based company is a pipes and tubes manufacturer with the sole focus on manufacturing of welded and seamless pipes in a single metal category, i.e., stainless steel. It sells products in both domestic and international markets with exports to 18 countries including Brazil, UK, Israel and countries in the European Union, among other countries. The proceeds from the IPO will be used to finance capacity expansion and to meet the long-term working capital requirements of the company. It has a manufacturing unit at Dhaneti in Kutch with a total installed capacity of 10,800 metric tonnes per annum. The IPO will open on May 11 and close on May 13 with a price band of ₹310 - ₹326 per share. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/jitendra-guptas-jupiter-bank-is-all-set-to-foray-into-personal-lending-mutual-funds-this-year/articleshow/91369123.cms">INTERVIEW: Jitendra Gupta’s Jupiter neobank is all set to foray into personal lending and mutual funds this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/the-stock-markets-are-going-through-a-short-term-correction-and-now-might-be-a-good-time-to-invest-in-valued-stocks-say-analysts/articleshow/91369077.cms">Indian stock markets wipe out nearly ₹5 lakh crore investor wealth, but analysts say this could be an opportunity to ‘buy the dip’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/is-indias-intense-heat-wave-a-sign-of-climate-change-and-global-warming/articleshow/91367952.cms">Is India’s intense heat wave a sign of climate change and global warming?</a>

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INTERVIEW: Don’t want to get distracted with the unicorn status, says Jupiter’s Jitendra Gupta

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INTERVIEW: Jitendra Gupta’s Jupiter neobank is all set to foray into personal lending and mutual funds this year

Kritti Bhalla

This neobank for India's small businesses just raised $31 million led by Sequoia Capital

Ridhima Saxena

Three new IPOs to hit the markets next week, while Campus Activewear and Rainbow Children's Medicare will list on exchanges

Bhakti Makwana

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