Neobanking platform Jupiter sees senior-level exits amid cost-cutting drive

12 Mar 2025, 03:54 PM

Prithvi Raj Tejavath, business head - investments, Vivek Agarwal, operations platform head - investments, and Aastha Sood, director-products have resigned from the Bengaluru-based fintech.

Team Head&Tale

Neobanking startup Jupiter, which has been eyeing a stake in SBM Bank India, is reportedly seeing senior executive departures amid an ongoing cost-cutting exercise.

According to a Mint report, Prithvi Raj Tejavath, business head - investments, Vivek Agarwal, operations platform head - investments, and Aastha Sood, director-products have resigned from the Bengaluru-based fintech company.

Tejavath and Agarwal -- who co-founded wealth management platform Upwardly, which eventually got merged with Scripbox -- are reportedly planning to start their own company. 

“(Jupiter) is also undergoing a restructuring exercise with various cost-cutting measures that are in place to reducing customer acquisition costs and head count in certain divisions," Mint quoted sources as saying.

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. Jupiter 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.