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Mumbai and Bengaluru-based digital banking and financial services startup, Jupiter announced that it has facilitated Employee Stock Options (ESOPs) for several of its employees (past and present) across the company. The two liquidity transactions for the same have totaled up to approximately $4 million (INR 30 crores).
Jupiter, which was in stealth mode till October 2021, has now emerged as the leading consumer-focused digital banking services company in India. The platform has onboarded close to 800,000 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 USD 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.
Commenting on the same, Jitendra Gupta, Founder & CEO of 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.”