Neobank Jupiter Spent INR 54 To Earn Every Rupee In FY23

Neobanking soonicorn Jupiter Money’s consolidated net loss more than doubled to INR 327 Cr in the financial year 2022-23 (FY23) from INR 156.3 Cr in the previous fiscal, hurt by a sharp jump in its employee benefit expenses. The startup’s bottom line took a hit despite an over 1,500% jump in operating revenue to INR 7.1 Cr in the reported period from INR 42 Lakh in FY22.

Founded in 2019 by serial entrepreneur Jitendra Gupta, Jupiter offers a range of financial services, including debit cards, SIPs, mutual funds, personalised savings options, expense management, and UPI payments. The startup earns a majority of its revenue from sale of services. In FY23, its revenue from sale of services stood at INR 5.3 Cr, while other operating revenue, including collaboration and subscription fees, stood at INR 1.8 Cr. Including interest income and other non-operating income, Jupiter’s total revenue stood at INR 56 Cr in FY23 as against INR 22.1 Cr in the previous fiscal year.