Neobanking startup Jupiter: Neobanking startup Jupiter posts 5X jump in FY24 operational revenue, trims loss

Neobanking startup Jupiter, run by Amica Financial Technology, has reported an over 5x jump in operational revenue to Rs 35.8 crore in FY24, as per filings with the ministry of corporate affairs. It also reduced its net loss by 15.5% to Rs 276 crore from Rs 327 crore during the same time period.

The company reported Rs 16 crore in revenue from its lending operations along with a net profit of Rs 1.3 crore. Jupiter had secured a non-banking finance company (NBFC) licence from the Reserve Bank of India in August 2023.

In the last financial year, Jupiter managed to rein its expenses to Rs 356 crore from Rs 383 crore a year earlier. It incurred around Rs 42 crore in expenses for its employee stock ownership plan, as a result of which its overall employee costs went up to Rs 194.6 crore.

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