22 November 2023
Tiger Global-backed neobank Jupiter reported a sharp rise in its net losses on the back of increased expenses, even as it showed improvement in operating revenue. In its third year of operation, the fintech's consolidated net loss ballooned 109% from Rs 156.3 crore to Rs 327 crore in FY23. Housed under parent firm Amica Financial Technologies Limited, Jupiter earned Rs 7 crore in operating revenue compared to Rs 42 lakh last year, the company’s filings revealed. At the same time, the expenses spiked by almost 113% to Rs 383 crore, as processing charges and software and tech expenses almost tripled
Tiger Global-backed neobank Jupiter reported a sharp rise in its net losses on the back of increased expenses, even as it showed improvement in operating revenue. In its third year of operation, the fintech's consolidated net loss ballooned 109% from Rs 156.3 crore to Rs 327 crore in FY23. Housed under parent firm Amica Financial Technologies Limited, Jupiter earned Rs 7 crore in operating revenue compared to Rs 42 lakh last year, the company’s filings revealed. At the same time, the expenses spiked by almost 113% to Rs 383 crore, as processing charges and software and tech expenses almost tripled
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