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WallMantra raises Rs 2 crore, Neo-Bank Jupiter gets Rs 641 crore

Home decor startup WallMantra announced on Friday that it has raised Rs.2 billion from the Fluid Ventures Fund in a seed funding round.

The company plans to use the funds to strengthen its sales and marketing capabilities and introduce aesthetically pleasing décor products to the Indian and US markets, WallMantra said in a statement.

“The partnership with Fluid Ventures will significantly help the brand on our growth path,” said Jitesh Agarwal, CEO and co-founder of WallMantra.

The company claims to sell over 10,000 products each month on its website and has a customer base of over 2.5 lakh across India.

Commenting on the investment, Amit Singal, Founding Partner of Fluid Ventures, said that with the outbreak of the COVID-19 pandemic, home nesting became a necessity and consumers began to invest in improving their new home lifestyles.

“This lifestyle has been a driving force for WallMantra, which has done an excellent job innovating and introducing products based on consumer buying behavior, and this has resulted in 90 percent of sales coming from their website,” added he added.

In another development, the neo banking start-up Jupiter raised Rs.641.40 billion from investors led by Tiger Global and Sequoia Capital in a Series C financing round.

It has raised the valuation of the company to over Rs.5,302 billion, Jupiter said on Wednesday. Put simply, neobanks are digital banks with no physical branches.

The most recent round of funding was led by Tiger Global, Sequoia Capital India and the US venture fund QED Investors along with existing investors such as Matrix Partners India.

Funding also comes just over a month after the two-year-old company exited beta and officially launched its services, a statement said.

Brazil-based Nubank, Global Founders Capital, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext are Jupiter’s existing investors, among others.

Jupiter Founder and CEO Jitendra Gupta said, “We feel like we are at a unique time when consumers are adopting technology faster than expected. Consumers are looking for a place where they can have a better financial experience rather than just a simple vanilla banking app. “

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