Digital banking start-up Jupiter clocks ESOP transactions worth Rs 30 crores

Mumbai and Bengaluru-based digital banking and financial services start-up Jupiter announced on March 3 that it has facilitated Employee Stock Options (ESOPs) for several of its past and present employees. The two liquidity transactions for the same have totaled up to approximately $4 million, i.e., Rs 30 crores.

Jupiter, which was in stealth mode till October 2021, has onboarded nearly 8,00,000 users since its inception in 2019 and has partnered with the Federal Bank to provide bank accounts to its customers.

The liquidity events, which have benefited 21 former and current Jupiter employees, come in less than two months after the company announced the closure of its $86 million Series C funding round, which was led by a variety of marquee investors such as Tiger Global, Sequoia Capital India, US-based venture fund QED Investors along with its existing backer Matrix Partners India.

Jitendra Gupta, Founder and CEO, Jupiter, said: “At Jupiter, we believe in creating value for our team members at every stage of growth. I have followed the philosophy of value creation since my days at Citrus. We like to work with team members who believe in our mission to make healthier financial communities. We believe that ESOPs are a real tool for value creation for team members and help them create wealth in the long term.”

Jupiter is a 100 percent digital bank and offers savings accounts loaded with features that aim to simplify money management. It is also positioned as a day-to-day finance app for consumers and plans to roll out a slew of new products across categories over the course of 2022.