Fintech startup Jupiter sees 5x revenue jump in FY24
13 Nov 2024, 12:40 AMThe Peak XV-backed company saw its net losses go down to Rs 275.9 crore in FY24 compared to Rs 327 crore in FY23.
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Amica Financial Technologies, the parent company of fintech startup Jupiter, has witnessed a jump in its operating revenue in the financial year ended March 2024. The company's revenue from operations reached to Rs 35.85 crore from Rs 7.1 crore reported in the previous fiscal,
The Peak XV-backed company saw its net losses go down to Rs 275.9 crore in FY24 compared to Rs 327 crore in FY23, Yourstory reported.
The total expenses were down to Rs 356.22 crore in FY24 from Rs 382.95 crore reported in FY23. However, employee benefit expenses rose 22.9% to Rs 19.46 crore. Marketing and advertising costs declined from Rs 74.5 crore in FY23 to Rs 3.80 crore in FY24.
On the other hand, Jupiter's NBFC (non-banking financial corporation) arm Amica Finance reported a revenue of Rs 15.4 crore, primarily from interest income and processing fees related to loan disbursements. It posted a standalone profit of Rs 1.27 crore in FY24, as reported by Entrackr.
Led by Jitendra Gupta, Jupiter has raised over $160 million from marquee investors, including Peak XV, Tiger Global, Matrix Partners, QED Investors among others. The Bengaluru-based company was last valued at around $710 million during a $86 million Series C round raised in December 2021.
Recently, there was a news report that said Jupiter is in talks to buy a stake in SBM Bank India. TechCrunch reported that Jupiter is in discussions to buy a 5% to 9.9% stake in SBM India. The fintech firm, which received an NBFC licence from the RBI last year, also received a prepaid instruments (PPI) licence from the regulator earlier this year.
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