Jupiter’s consolidated revenue surges 7X in FY24, cuts losses

Neobank startup Jupiter has improved its financial performance in FY24 as the firm’s operating revenue surged seven-fold. At the same time, the Peak XV-backed firm cut down its losses by over 23% in the same period.

Jupiter’s operating revenue has increased to Rs 51.2 crore in FY24 from Rs 7.1 crore in FY23, according to the consolidated financial statements of its parent company Amica Financial Technologies (Jupiter) and its NBFC (non-banking financial corporation) arm Amica Finance.

Jupiter operates as a financial services provider, focusing on digital banking solutions that cater to individuals and small businesses. The company’s model leverages technology to deliver seamless, low-cost banking services, differentiating itself in a competitive space where traditional banks, as well as new fintech startups, vie for market share.

Jupiter's NBFC division reported a revenue of Rs 15.4 crore, primarily from interest income and processing fees related to loan disbursements. Notably, it achieved a standalone profit of Rs 1.27 crore in FY24.

In June, the NBFC arm raised maiden funding from the existing investors of Jupiter. Entrackr exclusively reported the development.

Jupiter's largest expense was employee benefits which accounted for more than 50% of total expenses and stood at Rs 195.1 crore. This figure also included Rs 41 crore expenses related to ESOPs. 

Other key costs including software and technology, digital infrastructure investments, legal, advertising, and other operational expenses decreased to Rs 330.1 crore in FY24. Importantly, the ESOP costs have been excluded from the overall expenditure calculation.

Despite impressive revenue growth, Jupiter also managed to reduce its losses by 23.1% to Rs 233.63 crore. Its ROCE and EBITDA margin stood at -34.40% and –202.4%, respectively. On a unit basis, the company spent Rs 6.45 to earn a rupee of operating revenue in FY24.

Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners among others.