Neobank startup Jupiter has marked notable financial improvements in FY24, with its operating revenue multiplying by seven times. The Peak XV-backed company also managed to slash its losses by over 23% during the same period.
According to the consolidated financial statements of its parent company, Amica Financial Technologies, and its NBFC subsidiary, Amica Finance, Jupiter’s operating revenue soared to ₹51.2 crore in FY24, up from ₹7.1 crore in FY23. As a digital-first financial services provider, Jupiter specializes in delivering seamless, cost-effective banking solutions for individuals and small businesses, leveraging technology to stand out in a highly competitive fintech ecosystem.
The NBFC arm contributed ₹15.4 crore in revenue, driven primarily by interest income and loan processing fees. Impressively, it also reported a standalone profit of ₹1.27 crore for the year.
In June, Jupiter’s NBFC arm secured its first round of funding from existing investors, showcasing continued confidence in its growth potential.
Employee benefits emerged as the company’s largest expenditure, comprising over half of the total expenses at ₹195.1 crore, which included ₹41 crore attributed to ESOP costs. Other major costs such as software and technology, digital infrastructure, and marketing saw a reduction, bringing operational expenses to ₹330.1 crore, excluding ESOP-related costs.
Despite aggressive investments in technology and talent, Jupiter reduced its losses to ₹233.63 crore, reflecting a 23.1% improvement. On a unit economics level, the company spent ₹6.45 to generate a rupee of operating revenue in FY24.
Jupiter, last valued at $710 million during an $86 million Series C round in December 2021, has raised over $160 million from investors like QED Investors, Peak XV, and Matrix Partners. These financial strides signal its growing potential in the digital banking space.
4o