Jupiter parent's net loss shrinks in FY24 amid surge in operating revenue

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Jupiter parent's net loss shrinks in FY24 amid surge in operating revenue - YourStory

Quick Summary:

Amica Financial Technologies, the parent company of Peak XV-backed fintech Jupiter, reported a narrowed net loss for the fiscal year ending March 2024, as revenue growth and expense reduction helped offset a decrease in other income - its primary revenue source.

Neobank Jupiter is reportedly in discussions to acquire a 5% to 9.9% stake in SBM Bank India, with plans to potentially increase its holding, pending regulatory approval as per TechCrunch.

Amica cut total expenses by 7%, down to Rs 356.22 crore from Rs 382.95 crore.