Jupiter’s Financials, Revenue, Profit, Valuation & Shareholding Overview (2025)
Legal Name: AMICA FINANCIAL TECHNOLOGIES PRIVATE LIMITED | CIN: U74140MH2019PTC328769
Introduction
Jupiter, founded in 2019 by Jitendra Gupta, is a Mumbai-headquartered neobank offering digital banking services, debit cards, savings, investments, and business solutions. Leveraging technology, Jupiter scaled operating revenue from ₹0.42 Cr in FY22 to ₹7.1 Cr in FY23 and ₹35.85 Cr in FY24, focusing on unit economics while expanding products and NBFC lending capabilities.
Company Snapshot & Financials FY24
| Founding year | 2019 |
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| Headquarters | Mumbai, Maharashtra, India |
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| Valuation (USD) | $64,51,00,886 (May 21, 2024) |
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| Total Funding (USD) | $167150175 |
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| Employees | 359 |
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| Annual Revenue (USD) | 97,26,773 (Mar 31, 2024) |
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| Annual Net Profit (USD) | -3,33,35,060 (Mar 31, 2024) |
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| Annual EBITDA (USD) | -2,91,39,728 (Mar 31, 2024) |
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Funding History
| Round | Date | Amount | Valuation | Investors |
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| Series A | 2019 | $15M | Not disclosed | Peak XV, Matrix Partners |
| Series B | 2020 | $40M | Not disclosed | Tiger Global, QED Investors |
| Series C | 2021 | $86M | $710M valuation | Peak XV, Tiger Global, Matrix Partners |
| Latest | 2023-24 | ~$20M | Not disclosed | Existing investors |
Revenue and Profit Trends
Jupiter’s operating revenue surged from ₹0.42 Cr in FY22 to ₹7.1 Cr in FY23 (↑1593% YoY) and to ₹35.85 Cr in FY24 (↑404% YoY). Net losses were ₹156.3 Cr in FY22, ₹327 Cr in FY23, then narrowed to ₹275.94 Cr in FY24, indicating improving cost management amid growth.
Expense Efficiency & Margins
Jupiter narrowed net losses by 16% in FY24 to ₹275.94 Cr and improved operating leverage as revenue scales. EBITDA margins remain negative (e.g., –202.4% in FY24), but expense control in marketing and technology supports improvement.
Employee Trend & Insights
Jupiter’s headcount grew from ~500 in FY22 to ~800 in FY23 and ~1,000 in FY24 to support tech, product, and lending operations. Future hiring focuses on risk, compliance, and technology teams to balance growth and cost efficiency.
Strategic Growth, Plans & IPO
- Enhance NBFC lending partnerships and diversify income through interest and fee-based products.
- Optimize unit economics via technology-led automation and cost controls.
- Expand offerings (investments, insurance, wealth) and partnerships with banks and fintech platforms.
- Focus on compliance and risk management to support sustainable growth.
- Evaluate IPO or strategic exit once scale and profitability align.
Latest News
In FY24, Jupiter’s operating revenue reached ₹35.85 Cr with net loss reduced by 16% to ₹275.94 Cr . The NBFC arm achieved standalone profit of ₹1.27 Cr. The company raised funding and explores partnerships like potential SBM Bank stake.
Overall Summary
| Metric | Details |
|---|
| Employees | ~500 (FY22) → ~800 (FY23) → ~1,000 (FY24) – scaling tech, risk, and lending operations. |
| Revenue | ₹0.42 Cr → ₹7.1 Cr (↑1593%) → ₹35.85 Cr (↑404%) – early-stage neobank growth. |
| PAT (Net Loss) | Loss ₹156.3 Cr → ₹327 Cr → ₹275.94 Cr – losses widen then narrow, indicating cost controls. |
| EBITDA Margin | - deeply negative but improving trend. |
| Valuation & Funding | Valuation $64,51,00,886 (May 21, 2024); Total Funding $167150175. |
| IPO Status | Not yet public; preparing for exit when scale and profitability align. |
| Expansion Focus | NBFC partnerships, product diversification, regulatory compliance, tech investment. |
| Latest News | FY24 revenue ₹35.85 Cr with 16% narrower loss; NBFC profit ₹1.27 Cr; exploring partnerships. |
Conclusion
Jupiter’s rapid revenue growth and narrowing losses illustrate strong neobank traction. Focus on cost efficiency, diversified offerings, and compliance will be key to profitability and potential IPO.
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