Latest news with #Beenext
Mint
2 days ago
- Business
- Mint
Neobank Jupiter in early talks to raise up to $50 million from existing investors to expand
Mumbai: Neobanking startup Jupiter is in early-stage discussions to raise $30-$50 million from existing investors to fund expansion, according to four people familiar with the plan. 'QED Investors, Z47 (formerly Matrix Partners), Peak XV Partners, 3one4 Capital and Beenext will double down on their investment," one person said. Peak XV declined to comment on the plan. Jupiter, QED, Z47, 3one4 and Beenext did not respond to Mint's emails seeking comment. 'The company has received interest from external investors as well and the round could become larger," a second person said, adding that details of the exact size, terms and valuation are still evolving as the company improved its financials over the past two years. Jupiter last raised $87 million four years ago as a part of its Series C funding round led by investors including Tiger Global Management and Sequoia Capital India at a valuation of $668 million, according to data from market intelligence provider Tracxn. Also Read | Neobanking startup Jupiter sees three senior exits amid crucial restructuring Amica Financial Technologies Pvt Ltd, which owns Jupiter, also operates a non-banking financial entity that raised about $2.4 million from existing investors in June last year. In July, the company secured an NBFC licence from the Reserve Bank of India and, more recently, a mobile wallet licence. The NBFC licence allows it to lend. The company achieved considerable success targeting mostly young, urban individuals for its credit business, which it now wants to replicate in the small and medium enterprise space, founder Jitendra Gupta told Mint last year. Jupiter, which competes with companies such as Open, NiYO, FamPay, Fi Money, and RazorPayX, is among a dozen neobanks that have emerged in the past few years, looking to disrupt the banking, financial services and insurance sector. Cost control Founded in 2019, the company is an online-only platform that offers savings accounts, money transfers, and cash withdrawals and lets users monitor their transactions through a dashboard. Much like its peers, Jupiter is lossmaking, but it has focused on controlling cost decisions around hiring, technology, and revenue expansion. Gupta said earlier that one of the goals was to shrink the time needed to recover the money spent on gaining customers. 'Last year, our visibility was that we would be able to recover our CAC (customer acquisition costs) in 22 months. This year, we will be able to recover our CAC in 14 months," he said. Also Read | Jupiter's many rings: After finding quick success lending to individuals, neobank eyes SMEs Beyond banking and lending, cards, and revenue from its execution-only platform for mutual fund investments, Jupiter is looking at more co-lending partnerships and awaiting a licence to start insurance broking, which is expected to improve its revenue and margin profile. Amica reported revenue rose to ₹80.5 crore in FY24 from ₹56 crore a year earlier. Its loss narrowed to ₹275.9 crore from ₹327 crore in FY23, according to Tracxn data.
Time of India
27-05-2025
- Business
- Time of India
Logistics SaaS startup Fleetx raises Rs 113 crore from Indiamart, Beenext
Gurugram-based logistics SaaS startup Fleetx has raised Rs 113 crore in a funding round led by existing investors Indiamart Intermesh and Beenext (through its Accelerate Fund). The round includes a mix of primary and secondary investments, the company said on Tuesday. Fleetx plans to use the fresh capital to accelerate product development and scale its sales engine, with a focus on mid-market and enterprise customers across India. 'This round gives us more than enough runway to become fully profitable within the next year and prepare the company for IPO readiness. As we sit on huge logistics data points, we're in a unique position to leverage AI to tackle some of the most complex challenges in the sector,' said Vineet Sharma, cofounder and CEO of Fleetx. Founded in 2017, Fleetx offers AI- and IoT-powered solutions across fleet management, trip intelligence, video telematics, fuel analytics, transport ERP, and transportation management systems (TMS). The company claims to have increased its annual recurring revenue (ARR) to over Rs 100 crore, marking a four-fold jump from its last fundraise in early 2022. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Fleetx currently serves more than 2,000 customers, including over 100 enterprise accounts such as Ultratech Cement , Unilever, Adani Group, Godrej, Vedanta , Maersk, and Hindalco . According to Tracxn, Fleetx raised $19.4 million at a post-money valuation of $75.6 million in 2022, with participation from IndiaQuotient, Beenext and Indiamart. 'Fleetx has consistently demonstrated a strong product–market fit and disciplined execution in solving large-scale logistics challenges. Their AI and IoT-powered platform is becoming the operating system for physical movement of goods and therefore aligns perfectly with Indiamart's vision of empowering businesses,' said Dinesh Agarwal, founder and CEO of Indiamart Intermesh Limited. The development is part of a broader trend in India's logistics-tech space, which has been attracting investor attention amid growing demand for automation, cost efficiency, and data-driven supply chain insights. Earlier this year, SoftBank-backed Netradyne, a fleet safety and video telematics firm, became India's first unicorn of 2025 after raising $90 million in an equity funding round led by Point72 Private Investments.
