Neobanking startup Jupiter posts 5X jump in FY 24 operational revenue, trims loss

Neobanking startup Jupiter, operated by Amica Financial Technology, has reported an over fivefold increase in operational revenue, reaching Rs 35.8 crore in FY 24, according to filings with the Ministry of Corporate Affairs. The company also reduced its net loss by 15.5%, decreasing it to Rs 276 crore from Rs 327 crore during the same period.

Jupiter reported Rs 16 crore in revenue from its lending operations, along with a net profit of Rs 1.3 crore. The company obtained a non-banking finance company (NBFC) license from the Reserve Bank of India in August 2023. In the last financial year, Jupiter managed to lower its expenses to Rs 356 crore, down from Rs 383 crore the previous year. It incurred around Rs 42 crore in expenses related to its employee stock ownership plan, which contributed to an overall rise in employee costs to Rs 194.6 crore.

Backed by Peak XV Partners, Jupiter offers a digital banking suite that includes savings accounts, debit cards, co-branded credit cards, mutual funds, and a fund tracking tool. To date, the company has raised $167 million at a post-money valuation of approximately $645 million, according to data from Tracxn.

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