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    Ex-Swiggy exec Anuj Rathi joins Jupiter as chief product and marketing officer


    At Jupiter, Rathi will lead product, design, growth and marketing. He will work closely with Jupiter’s founder and CEO Jitendra Gupta.

    Anuj Rathi
    Anuj Rathi
    Anuj Rathi, the former head of revenue and growth at food delivery platform Swiggy, has joined Jupiter, a neobanking startup, as its first-ever chief product and marketing officer.

    In his new role, Rathi will lead product, design, growth and marketing at Jupiter and work closely with founder and CEO, Jitendra Gupta.

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    Rathi was one of the senior-most product leaders at Swiggy, having joined in 2016 as vice president of revenue and growth. A graduate of IIT Kanpur, Rathi also had stints with Flipkart, Snapdeal and Walmart, in product management, omnichannel commerce, revenue and growth.

    On Rathi’s appointment, Gupta said, “We felt that Anuj is the most suited leader to play an important role in Jupiter’s next phase of growth. I am personally very excited to welcome him to Jupiter Money.”

    Commenting on his appointment, Rathi said, “I’m looking forward to working with Jiten and the team at Jupiter to improve our customers’ relationship with money and financial aspirations.”

    Jupiter’s move to bolster its leadership follows the company securing a non-banking finance company (NBFC) licence in April, as it moves to co-lend from its own books along with partners.

    In an interaction with ET at the time, Gupta said the Sequoia and Tiger-backed firm would look to capitalise its lending business with around Rs 100 crore and raise an additional Rs 100 crore in debt to fund the NBFC’s credit operations.

    Jupiter entered the lending business in 2021 with its product Bullet, which was subsequently discontinued. The company later relaunched its lending operations by partnering with Trillionloans Fintech, which operates the peer-to-peer, or P2P, lending platform Liquiloans, and built a loan book of Rs 100 crore.

    Through the NBFC, Jupiter is looking to scale annual disbursements of Rs 600-700 crore in short- and medium-term personal loans.

    Jupiter isn’t the only one focusing on an NBFC play. Following the Reserve Bank of India’s (RBI) guidelines on digital credit issued last year, it has become increasingly clear to fintechs that there is an upside to being a regulated NBFC, with many finding a sweet spot in co-lending (with partners). For instance, Bengaluru-based Cred has been bolstering its credit play, and has discussed raising fresh capital for Newtap Technologies, which was incorporated by Cred founder Kunal Shah in 2021. However, recent media reports said the RBI has rejected Cred’s attempt to raise its stake in the NBFC unit.

    In FY22, Jupiter clocked operating revenue of Rs 42 lakh, with losses of Rs 164 crore. Till date, the startup has raised over $160 million in equity funding and was last valued at over $700 million.
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