What next for Jitendra Gupta’s Jupiter?
More than two years in, the neobanking startup has been beset by challenges—but a fresh push for credit products may get it rolling.
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Editor's note: When Jitendra Gupta raised $24 million in September 2019 to fund his second venture, the industry was buzzing with expectations. It was one of the largest Series A rounds India had ever seen at the time, second only to CRED’s $25 million in September 2018. Gupta had a track record as a successful fintech founder and operator. Along with his co-founders, he pulled off one of the Indian fintech industry’s biggest exits by selling payment gateway startup Citrus Pay to Naspers-backed PayU for $130 million in 2016. The deal saw early investor Sequoia Capital book more than 4x returns on its initial investment of $10 million. His next gig as the managing director of PayU lasted a little less than three years but was impactful. Here, Gupta scaled up PayU’s digital lending arm Lazypay to launch one of the first renditions of deferred payments on a wallet in India, a service now known more commonly as “buy now pay later”, or BNPL. He had, in this time, built connections at top banks, gained clout among peers, and recognition at top …
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