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

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.

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Article Details

Author / Journalist: Sayan Sen

Category: StartupsEconomyBusiness

Markets: India

Topics: Fiscal Policy Other Crore Revenue Loss Cash Year Privacy Bank Jupiter

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-12 @ 06:37:35 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: yourstory.com

Language: English

Article Length: 356 words

Reading Time: 2 minutes read

Sentences: 22 lines

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