Jupiter Money gets IRDAI approval to enter insurance distribution space
17 Jul 2025, 12:41 PMThe licence allows Jupiter to sell both life and general insurance policies through its app.
Team Head&Tale
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Fintech platform Jupiter Money is all set to enter into insurance distribution space. The company has received a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI).
The licence allows Jupiter to sell both life and general insurance policies through its app. The company said it will initially offer curated insurance products such as term life and health insurance through partnerships with insurers.
It also plans to launch embedded insurance products based on user behaviour, examples include travel insurance linked to card usage, cyber fraud covers, and device protection tied to e-commerce activity.
The move is part of Jupiter's broader strategy of becoming full-stack financial services platform. The neobanking startup was also eyeing a stake in SBM Bank India.
Founded in 2019 by Citrus Pay founder Jitendra Gupta, Jupiter is a neobanking platform. The company has already secured a non-banking finance company (NBFC) and prepaid instruments (PPI) licenses and from the Reserve Bank of India.
It has raised over $160 million from marquee investors, including Peak XV, Tiger Global, Matrix Partners, QED Investors among others. It was last valued at around $710 million during a $86 million Series C round raised in December 2021.
Amica Financial Technologies, the parent company of fintech startup Jupiter, saw its revenue from operations reaching Rs 35.85 crore in FY24 from Rs 7.1 crore reported in the previous fiscal. The net losses stood at Rs 275.9 crore in FY24 compared to Rs 327 crore in FY23.
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.