Jitendra Gupta to launch Bullet Money microcredit app

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Jitendra Gupta is one of the few entrepreneurs in India to raise a funding round of $ 25 million for his fintech startup – Amica Financial Technologies. While Gupta was busy building the Jupiter neo-banking platform, which is slated to launch next year, he’s set to launch a separate micro-lending app – Bullet Money.

Bullet Money is currently in closed beta and deployed to a number of users. According to three Coach sources, it is a micro-loan application that would offer loans up to Rs 20,000. “The loan offered by Bullet Money can be spent through the unified payment interface or the UPI ecosystem,” said the one of the people who used the product on condition of anonymity.

“Besides online shopping, the loan can also be used for offline shopping. However, payments will be made via UPI-based QR codes. Bullet Money would lend through third parties, primarily non-bank financial companies or NBFCs.

Gupta also confirmed the development of Coach.

“The idea is to provide consumers with convenience for UPI transactions, which would save them from cluttered bank statements. We believed that combining the offering with Jupiter would not achieve an optimal customer experience and therefore a separate offering made more sense, ”Gupta said in response to Coach queries.

Sources have pointed out that Bullet Money will launch in a few weeks. Note that Gupta has been working on a new banking platform called Jupiter since early 2020. “We are in the last stage of our integration with our partner bank. Jupiter’s digital banking offering will go live in the next few months as we are in the final stage of product creation, ”added Gupta.

Coach could not independently verify the details and status quo of the neo-banking platform.

Amica Financial has raised $ 26 million renowned funders such as Sequoia Capital, Matrix Partners, Tanglin Venture and 3One4 Capital. More than 10 notable angels, including Amrish Rau, Anupam Mittal, Sriharsha Majety, Kunal Shah, Kunal Bahl, Sumer Juneja, Utsav Somani and Ashish Hemrajani, had also invested in the company.

According to Fintrackrthe estimate of, the company was valued within the range of Rs 720 crore in its seed round.

Bullet Money appears to be similar to Paytm Postpaid which has been offering microcredits to users for two years. Unlike Navi and KreditBee, app loans cannot be transferred to users’ bank accounts. Bullet Money loans can only be used for purchases within the UPI ecosystem.

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