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Jitendra Gupta, founder, Jupiter Money, also invested in the round in his personal capacity.
The licence allows Jupiter to sell both life and general insurance policies through its app.
Once approved, India Fintech Foundation (IFF) will be the second Fintech-SRO after Fintech Association of Consumer Empowerment (FACE).
Prithvi Raj Tejavath, business head - investments, Vivek Agarwal, operations platform head - investments, and Aastha Sood, director-products have resigned from the Bengaluru-based fintech.
