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Jupiter makes Rs 7 Cr in FY23 and loses Rs. 327 Cr

YourStory · 1y

In its third operational year, neobank Jupiter, backed by Tiger Global, reported a sharp rise in consolidated net losses, soaring 109% to INR 327 crore in FY23, attributed to increased expenses. Operating revenue showed improvement, reaching INR 7 crore from last year's INR 42 lakh. Expenses surged by almost 113%, primarily in employee benefits and processing charges. Despite subdued core business earnings, Jupiter achieved a total revenue of INR 56 crore, up from INR 22 crore, driven by income from investments like interest on fixed deposits and gains on quoted mutual funds.