Jupiter remains pre-revenue company in FY 21
- ByTejika Bajaj | November 22, 2021
Neobanking platform Jupiter has announced that it has raised $45 million in a funding round co-led by Nubank, Global Founders Club, Sequoia Capital and Matrix Partners. The Series B funding round has shot up the valuation of the company to $300 million.
With this, the company has raised $71 million in total funding. Jupiter took two years to get its platform live and thus remains in the pre-revenue stages in FY 21.
The financials of the Bengaluru based startup indicated operating revenue of INR 18,000 in FY 21 as against nil operating income in FY 20. Furthermore, income from other sources saw a surge to INR 11.85 crore as against just INR 7 lakh in FY 20. The income from other sources mainly comprises interest on bank deposits and returns on mutual fund investments.
The expenses of the company shot up by 310% as the startup spent enormously on setting up operations and building end products. Further, a major portion of the expenses consisted of employee benefit expenses which formed 69% of the expenses.
Founded in 2019, Jupiter is a digital banking app which aims to deliver personalised banking services to its clients. It helps customers cut through the banking jargon, offer smart insights based on their spending, and provides them with a range of new-age features to enable them to make sense of your finances.
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