Internet First Product

Yes

Revenue Stats

Achieved PMF, Currently Series C funded (raise $160 million)

Repeated Usage Frequency

High

Interest

Yes

Familiarity

Popular among youth

Willingness to Pay

Yes, Jupiter recorded ₹19.3 crore revenue in the financial year 2022

Bragworthy

Yes, Direct & Organic channels yield the most distribution

User Type

Payments

Money Management

Investments

Rationale

Causal

Once in 2 days

Once in a month

Rarely

• Uses Jupiter for doing payments (small transactions mostly)
• Has not linked other bank accounts
• Has just joined the platform - Started his first job

Core

Once everyday

Once in 2 weeks

Once in 5-6 months

• Uses Jupiter for daily payments
• Have linked bank accounts and likes to track money
• Have invested in Pots
• Have multiple apps to manage finances

Power

Multiple times a day

Weekly

Monthly

• Uses Jupiter multiple times
• Have bought the Pro subscription
• Invested in monthly SIPs and regularly keeps track of money

Engagement Framework

Key Tracking Metric

Selected

Rationale

Frequency

Number of transactions that a user performs on Jupiter

Primary

More transactions through the platform increase trust and make them comfortable trying more offerings. It helps them experience the core value prop more.

Depth

Amount of money spent through the app (payments) or on the app (investments)

NA

Users might spend a lot of money through payments or less, but it won’t let them experience the core value prop.

Breadth

Number of sub-products used by a user

Secondary

Investments, money tracking, and Pro membership perfectly align with the core value prop and benefit them more.

Questionnaire

Information

Structured Rhea

Explorer Archit

Pro - Vedant

Explorer - Apoorv

Demography

Age

20-25

20-25

20-25

25-30

Gender

Female

Male

Male

Male

Married

Unmarried

Unmarried

Unmarried

Unmarried

Kids

No

No

No

No

Occupation

Marketer

Financial Analyst

Product Manager

CFA/ Investment banker

City

Bangalore

Bhopal

Bangalore

Ahmedabad

Lives with?

Flatmates

Family

Flatmates

Flatmates

Income range

20-25 LPA

15-20 LPA

20-25 LPA

20-25 LPA

Education Level

Undergrad

Undergrad

Undergrad

CFA

Time spent. Where does users time go?

Where do they spend time?

Instagram, YouTube, Spotify, reading (non-fiction), playing with Cat

Instagram, Spotify, LinkedIn, Zerodha

YouTube, LinkedIn, spend time on smallcase and Kite, WhatsApp, Spotify

LinkedIn, Google Search, Google Maps, Wordle, Camera, Instagram (not much), F1, reading, chess

Content they consume online

Fashion, business

Memes, Financial content

Finance, building tech products, case studies

Latest news and happenings in Finance and technology startups

Understanding users saving and investment behaviour

What all apps do you use for payments?

Cred, Google Pay, Jupiter

Google Pay, Phone Pe, Jupiter, Cred

PhonePe, Cred

Cred, Google Pay

What is the most important factors while deciding which app to invest from?

• Trust
• Rewards/ less fees

• Trust
• Need better offerings

• Good content
• Ease of use

Trust with one offering before start investing

What all apps do you use for tracking your money?

Jupiter

Jupiter

Jupiter
Fold money
Axios - grabs information from message

Dont track

User Insights on Product

What type of user?

Casual

Core

Power

Casual

How did you discover Jupiter?

Instagram Ads, free money (neo banking - one card)

Instagram ads (jewels) - 2021

Jupiter - Swadesh capital (refer) - 2020

Saw an ad on Instagram/ LinkedIn

How frequently do you use Jupiter?

Atleast once every day for payments

At least once Everyday for payments and investments

Multiple times (3-4) a day for checking investments, tracking, and paying merchants/ friends

Once in 2-3 days

What is the average transaction through UPI you do on Jupiter?

Rs 50-100

Rs 50- 5000

Rs 50 - 10000

Rs 50-100

Out of investing, payments, and money management - what is the main offering do you use Jupiter for?

UPI (for low value order transactions) and Investments

UPI and Money management

• Invested in pots
  - Pots are save investments (liquid funds)
• Used to use UPI, cashbacks Jewels was really high at one point
• Used for money management

UPI

What will motivate you to start investing through Jupiter?

More offers/ rewards

Need to build more trust

Content plays an important role for me - built trust on the basis of it

Spend more time on the app with one feature will motivate me to invest with Jupiter. I like how cred focused to build trust using one core feature then offered me more features)

Have you used on-demand salary feature?

No

No

Not yet, lending feature

No

Have you ever referred to someone?

No (the referral is not good)

Yes

2 people -via applications
- WOM

No

What do you not like about Jupiter?

• UX can be better
• Its too much (so many features gets mixed)
• Offers aren’t really good anymore
• Earlier 1 jewel = Rs 1 but now changed the conversion to 5 jewel = Rs 1

• These days the transaction fails a lot.
• Have reduced using it

• Diversify (horizontal)
• started feeling cluttered
• Transactions failed as payments

• Too many features
• Need to build trust with using only one feature i.e. payments

Did you use the debit card?

No

Yes

Yes

No

Advanced segmentation: Loyalists/Champions/In danger/Hibernating

In danger

• Uses for low amount transactions only (low depth)
• Once in a day or two (low frequency)
• Only uses one feature (payments)

Loyalist

• Uses for a decent amount of transactions (okay depth)
• Everyday for all transactions
• Uses payments but can also try investments

Champion

• Uses for high value transactions (high depth)
• All transactions and investments made through Jupiter (high frequency)
• Uses paid subscription, invest, and payments

Hibernating

• Only have used for small to medium transactions
• Can use everyday
• Haven't tried many features

Goal

Encourage users to save for specific goals (like buying a car or any other asset) by using a dedicated, goal-oriented financial pot within Jupiter Money app.

Success Metric

Increase in the number of users setting up goal-oriented pots and achieving their saving targets.

Problem Statement

Many users struggle to save for big purchases due to lack of structured saving plans, visible progress tracking, and investing plans.

Current alternative

Users currently might use generic savings accounts without specific targets or tracking, or use other apps that might not integrate seamlessly with their primary banking.

Solution

Introduce a feature in the Jupiter app that allows users to create customized financial pots for specific goals, like purchasing a car. The app will provide tools for setting a timeline, calculating the required monthly savings, and tracking progress.

Users can set up a new pot by specifying their goal (e.g., buying a car), the total amount needed, and their timeline. The app then calculates how much they need to save monthly and allows them to set up automatic transfers to this pot. Users can track their progress through visual indicators and receive tips and reminders to stay on track.

Whimsical: https://whimsical.com/solution-producthook-8qU1eGQNdjxh2p1jtocvom

Metrics to track

• Number of goal-oriented pots created.
• Percentage of users reaching at least 50% of their target amount.
• User engagement with the feature (frequency of checking pot, adjusting settings, etc.).

Ramp up milestones

• Provides a clear and structured way for users to save for specific goals.
• Visual progress tracking and reminders enhance user engagement and motivation.
• Integrates goal-oriented saving within the broader financial management ecosystem of the app, making it convenient and efficient.

Strategy Title

Achieve Your Dreams with Jupiter Goals

Goal

Encourage users to actively use the GoalSaver feature to set and achieve specific financial targets like saving for a car or other assets.

Focused ICPs

All ICPs

User Behavior

• Users who sporadically save money without a clear plan
• Those who check their financial status but don’t engage in proactive financial planning

Pitch/Content

Turn Your Dreams into Reality with Jupiter GoalSaver. Set, Track, and Achieve Your Financial Goals Effortlessly!

Offer

• Exclusive bonuses or higher interest rates for users who meet their saving targets within the set timeline
• Early access to new financial management tools for active participants

Channel

• In-app notifications, push notifications and banners
• Email marketing targeting existing users
• Social media promotion

Frequency & Timing

• Launch campaign at the start of a new year
• Regular motivational updates and tips based on the timeline/ deadline of the user

Success metrics to track

• Number of GoalSaver pots created.
• Percentage of users achieving at least 50% of their target.
• User engagement with the feature (frequency of interactions, progress checks).

Ramp-up milestones

• 20% of targeted users set up a GoalSaver pot within the first month.
• 50% of these users regularly contribute to their pots and reach at least 25% of their target within three months
• Increased overall savings rate among users engaged with the feature.

Reasons why it will work

• Addresses a common pain point: lack of structured saving.
• Provides clear, visual progress tracking, enhancing user motivation.
• Integrates saving goals into users' everyday financial management, making it a seamless part of their routine.

Proposed flow

Set up a financial pot with a specific goal and timeline → Receive regular updates on their progress, along with tips and motivational content → Upon reaching milestones, they receive rewards and recognition, encouraging continued use and goal setting.

Strategy Title

Jupiter Pay and Play

Goal

Increase the usage of Jupiter's payment feature by incentivizing users to complete a set number of transactions - based on milestones (Casual to core)

Focused ICPs

Casual and Core

User Behavior

• Users are already making digital payments but not frequently on Jupiter
• Users motivated by immediate and tangible rewards

Pitch/Content

Unlock Exciting Rewards with Every Payment! Join the Jupiter Pay & Play Challenge - Your Next Transaction Could Win Big!

Offer

Complete 'X' number of transactions to earn a surprise scratch card with rewards ranging from cashback to exclusive offers up to Rs 10,000 worth of Jewels that is automatically added to your GoalPot

Channel

• In-app notifications, push notifications and banners
• Email marketing targeting existing users
• Social media promotion

Frequency & Timing

Only one push notification once in 3 days during afternoon hours for 30 days

Success metrics to track

• Number of people redeeming offers
• Increase in the number of daily transactions

Ramp-up milestones

• 15% increase in # of transactions within the first 30 days of launch
• A steady 5-10% week-over-week growth will be great

Reasons why it will work

• The challenge creates a sense of urgency and excitement.
• Scratch cards provide an instant reward, enhancing user satisfaction.
• Regular resets keep users engaged and coming back for more.

Proposed flow

After every “x” transaction → A pop-up to redeem reward → Redeems in rewards screen

Strategy Title

SIP Your Way to Power with Jupiter

Goal

To motivate core users to invest in SIPs on Jupiter (Core to power)

Focused ICPs

Core

User Behavior

• Users who are using Jupiter for payments but aren't investing
• Users who have already set up mutual funds account and not investing

Pitch/Content

Take Your SIP Investments to the Next Level with Jupiter. The More You Invest, the More You Gain – Exclusive Benefits Await!

Offer

Start your SIP with Jupiter to earn up to 1,000 Jewels on your First SIP

Channel

• Targeted in-app notifications
• Personalized email campaigns

Frequency & Timing

Twice a week, on weekdays → usually after dinner and on weekends after lunch

Success metrics to track

• Number of new SIPs started
• SIPs that were bought the most
• Avg amount of SIP created

Ramp-up milestones

• Increase in App opens monthly by 10%
• Investments in SIP increased by 20%

Reasons why it will work

• Directly targets core users financial interests and investment goals.
• Makes them invest every month → will increase the app opens

Proposed flow

Clicks on the banner ad for SIPs on the home screen → Invests in SIP → Gets a reward

Strategy Title

Jupiter Financial Harmony Campaign

Goal

Encourage casual users to track their money better (Casual to core to power)

Focused ICPs

All ICPs

User Behavior

Users using the payments feature but having fewer transactions to track

Pitch/Content

Bring All Your Finances Together! Experience the Ease of Managing Money with Jupiter’s One-Stop Financial Hub

Offer

Incentives for adding multiple bank accounts, like bonus Jewels or entry into a lucky draw

Channel

• In-app notifications and banners
• Email marketing

Frequency & Timing

Once a week, push notification around 5-6 pm ~ preferably on weekends

Success metrics to track

Number of bank accounts added by a user

Ramp-up milestones

• 20% of existing users added bank accounts
• Increase in checking of the Networth screen

Reasons why it will work

• Very well aligned with pushing money tracking feature
• To have a better analysis of money and also networth
• Further, users can be easily encouraged to invest based on their spending patterns

Proposed flow

Gets a notification → Adds bank accounts → Gets jewels in rewards

Strategy Title

Invest Using Pots, Sit back, and Relax

Goal

Spread awareness about Pots among casual and core users

Focused ICPs

Casual and core

User Behavior

• Users who are using Jupiter everyday for payments
• Users who have invested through Jupiter once

Pitch/Content

Transform Your Savings into Earnings Effortlessly. With Jupiter's Pots, just invest, sit back, and watch your money grow!

Offer

• Invest at least Rs 1000 in Pots and get cashback up to 200 Jewels
• Get educational content/ tips around each Pots on the app

Channel

• In-app guides and notifications
• Educational email on the ease and benefits of investing with Pots
• Social media campaigns featuring success stories and user testimonials

Frequency & Timing

Once a week notification around the weekend at 5 pm

Success metrics to track

• Number of investments in Pots
• Avg amount invested per Pot

Ramp-up milestones

10% increase in the number of investments made in Pots

Reasons why it will work

• Fomo, (Watch your money grow), everyone wants to grow their money thus investing in Pots will be a good option
• Giving Jewels will encourage them to invest more and convert them to real cash

Proposed flow

Gets notified using in app notification → checks out different new Pots + full description on the app itself → Proceeds to invest and gets Jewels.

Strategy Title

Jupiter Go Green Challenge

Goal

To encourage users to do transactions (payments/ investments) through Jupiter (casual to core to power)

Focused ICPs

All ICPs

User Behavior

• Users who are doing less transactions from the app
• Users who have successfully done the KYC

Pitch/Content

Make Every Transaction Count Towards a Greener Planet. Join the Jupiter Go Green Challenge – Your Actions, Our Trees!

Offer

For every transaction or major activity on the Jupiter app, a tree will be planted in partnership with an environmental organization for the next 30 days.

Channel

• Social media
• Banner on the application

Frequency & Timing

• Once every day for 30 days
• Morning notification will work

Success metrics to track

• Number of daily transactions
• Top investments
• Number of trees planted

Ramp-up milestones

• 15-20% increase in Daily transactions within the first week of the launch
• High PR/ mentions within the first 2 weeks across online media

Reasons why it will work

• This will increase the intention for a user to get more value by experiencing the core value of the app
• Good PR, helps to brag about this engagement to people
• Directly increases the frequency of the app

Proposed flow

After each transaction, →User can see the “tree meter” → Can share his planted tree across social media

ICPs

Core and Power users drive the best retention – they use other sub-products outside of payments.

Common behavior:

• Have linked all bank accounts
• Reopens the app to check networth
• Have investments through Jupiter
• Use Jupiter frequently for payments
• Have transferred money just after app creation
  
  Additionally, power users have used the product without any incentives too. They love to navigate through new features and community channel to keep updates.

Channels

• Push notifications and marketing emails
• In-app notifications/ banners have helped to nudge users to try different features or claim rewards
• Notifications for top-performing investments have also worked
• Community forum especially for power users

Subproducts

Invest and Money have been the best sub-products to drive retention on the platform

• Tracking money using the Money feature and seeing Networth grow (aha moment)
• Investing through Invest feature into Pots, Mutual funds, gold, etc drives them back to see and retains on the application.
  - take loans

Involuntary Reasons for Churn

Voluntary Reasons for Churn

• Moved out of the country
• Compliances changed for digital banking
• User has no original PAN card for KYC to use all features

• Less rewards People are frustrated with low rewards
• Started using dedicated apps for investments and tracking Installed competitors application for better usability
• Payment failures Transaction failures are consistent
• Lack of desired features User needs more customised options
• Reduce conversation rate for Jewels Conversation rate is lower than before
• Poor support Tickets haven’t been closed by a user for particular period
• Privacy issues Has some privacy concerns with the platform

Strategy Title

Jupiter Investment Exploration

Goal

Reactivate users by encouraging exploration of diverse investment options like Pots, mutual funds, and gold.

Focused ICPs

• Power users with prior investment activity but currently inactive.
• Those interested in diversifying their investment portfolio.

Pitch/Content

Explore New Investment Horizons with Jupiter. Discover Diverse Options and Grow Your Portfolio!

Offer

Reduced fees or bonus Jewels for investing in new categories.

Channel to promote

• Push notifications
• Community forum discussions
• Social media campaigns

Frequency & Timing

• Ongoing with a monthly focus on different investment options
• Regular performance updates

Success metrics

• Number of users investing in new categories
• Total investment amount from re-engaged users

Ramp-up milestones

• 15% of targeted users trying new investment options within two months
• 10% overall increase in investment volume from these users

Reasons it will work

• Encourages exploration within the app
• Taps into users curiosity and desire for financial growth

Proposed flow

Users are nudged with notifications → They invest onto the new opportunities → They get rewards based on the investments

Strategy Title

Jupiter Money Management Masterclass

Goal

Re-engage users by offering a series of educational sessions on effective money management using Jupiter’s tools.

Focused ICPs

• Core and power users who have shown interest in the Money feature but are not actively using it.
• Those looking to improve their financial literacy and management skills.

Pitch/Content

Master Your Finances with Jupiter’s Money Management Masterclass. Learn, Apply, and Grow Your Wealth!

Offer

Exclusive sessions with Finance influencers on managing money

Channel to promote

• Email
• YouTube
• In-app educational section
• Push notifications

Frequency & Timing

Weekly with one reminder in 3 days

Success metrics

• Participation in the class
• Number of investments increased - Number of bank accounts linked

Ramp-up milestones

• 25% of targeted users enrolling in the masterclass within the first week
• Noticeable increase in the use of the Money feature post-masterclass

Reasons it will work

• Provides value through education and skill development
• Encourages application of learned skills within the app

Proposed flow

Invited to enroll → Attended the session → Tracks money more

Strategy Title

Jupiter Reconnect & Grow

Goal

Encourage core users to invest in pots and SIPs

Focused ICPs

Core users who used money and investments but recently churned as they got busy with their lives

Pitch/Content

Rediscover Your Financial Growth Path with Jupiter. Invest in Pots and SIPs - Simple, Efficient, and Rewarding!

Offer

Special incentives for restarting investments, like reduced fees or bonus Jewels for the first month of reinvestment in Pots and SIPs.

Channel to promote

• Personalized email campaigns targeting churned users. - In-app notifications for those who occasionally open the app.
• Retargeting ads on social media platforms.

Frequency & Timing

• A month-long campaign with a focus on ease of reinvestment.
• Follow-up reminders after the campaign launch, with weekly insights on potential investment growth.

Success metrics

• Number of re-engaged users investing in Pots and SIPs.
• Total investment value achieved from the campaign.
• User Feedback

Ramp-up milestones

• 20% of targeted users reinvest within the first two weeks.
• Steady increase in average investment amount per user over the campaign period.

Reasons it will work

• Targets users previous interest in investment features, offering them a simple way to restart.
• Recognizes the busy lives of users and offers a hassle-free investment solution.
• Incentives provide a tangible reason to revisit and reinvest in the app.

Proposed flow

Receives personalized communication about the campaign → Invests seamlessly → Tracks their investments effortlessly, with Jupiter providing regular updates and insights

Strategy Title

Jupiter's New Year Sticker Hunt

Goal

Motivate core users to use Jupiter for payments

Focused ICPs

Core users who started using competitor’s app for payments influenced by friends

Pitch/Content

Join Jupiter's Festive Sticker Hunt! Make Payments, Collect Stickers, and Win Big! Every Transaction This Festive Season Brings You Closer to Amazing Rewards!

Offer

Users collect different stickers for completing various payment tasks. Completing the sticker collection within the last 10 days of the year unlocks significant rewards.

Transaction Tasks for Sticker Collection

• Transaction with a Friend: Make a payment to a friend.
• Merchant Transaction: Pay at a registered merchant.
• Bank transfer: Use Jupiter for utility or other bill payments.
• Online Shopping Transaction: Make an online purchase using Jupiter.

Channel to promote

• In-app notifications detailing the challenge.
• Social media campaigns to create buzz.
• Email blasts to re-engage inactive users.

Frequency & Timing

• Intensive 10-day challenge at the end of the year.
• Daily reminders and updates on sticker collection progress.

Success metrics

• Number of stickers collected by users.
• Increase in payment transactions across different categories.
• Completion rate of the sticker collection challenge.

Ramp-up milestones

• 20% of targeted users participating in the challenge within the first 2 days
• 50% of participants completing at least half the sticker collection by day 5

Reasons it will work

• The gamified nature of the challenge creates fun and engagement.
• Encourages a variety of transaction types, reacquainting users with Jupiter's versatility.

Proposed flow

Introduce "Festive Sticker Hunt" challenge → Engage in diverse payment activities, collecting stickers for each task → Progress is tracked in-app, with regular updates and encouragements → Completes the collection and receives their rewards, reinforcing positive engagement with Jupiter.

Strategy Title

Jupiter Wallet Reload Bonus

Goal

Motivate churned users to refill their Jupiter wallet and restart using the app’s services.

Focused ICPs

Core users who have recently emptied their Jupiter wallet and became inactive

Pitch/Content

Welcome Back to Jupiter! Reload Your Wallet and Unlock Exclusive Bonuses! Your Jupiter journey awaits you with more rewards.

Offer

A reload bonus: Users receive an additional percentage or fixed amount of Jewels as a bonus when they refill their wallet within a 7 days of the launch

Channel to promote

• Personalized email targeting users who have zero balance in their wallet.
• Push notifications

Frequency & Timing

• A limited-time 1 week campaign, creating a sense of urgency
• Regular reminders

Success metrics

• Number of users refilling their wallet.
• Total amount refilled in wallets.
• Re-engagement rate post-campaign

Ramp-up milestones

• 20% of the targeted user group refills their wallet within the first week.
• 30% increase in overall wallet refills by the end of the campaign.

Reasons it will work

• Direct financial incentive to refill the wallet.
• The urgency of a limited-time offer prompts quicker action + its a low effort task
• Re-engagement of users by reminding them of the value and benefits of the app.

Proposed flow

Receive a personalized invitation to the Wallet Reload Bonus campaign → Upon refilling their wallet, they immediately receive the bonus and unlock special features → Continued engagement is encouraged through tailored recommendations