Amica Financial Technologies Private Limited

Business Overview

• Amica Financial Technologies Pvt Ltd is the licensed corporate entity behind "Jupiter" (jupiter.money), a Bengaluru/Mumbai-based mobile-first neobanking app founded by Jitendra Gupta, founder of Citrus Pay, acquired by PayU.
• Jupiter is not a bank itself — it partners with RBI-regulated banks, Federal Bank, CSB Bank, and NBFCs to offer: savings/salary accounts, UPI payments, "Pots", goal-based savings, RuPay/VISA co-branded credit cards (Edge, Edge+), personal loans up to ₹5 lakh, loans against mutual funds, mutual fund/FD/RD investing, digital gold, credit-score tracking and insurance, health, fraud, salary, UPI protection.
• Positioned as a full "money management" super-app targeting millennial/urban customers., Source: jupiter.money site content, corroborated by press coverage.

Sector & Classification

Business Services — Computer programming, consultancy & related activities / IT hosting-infrastructure provisioning (per Tofler NIC classification); operationally a fintech/neobank

Directors & Key Management

Per Falconebiz/Tofler (DINs not disclosed on free tiers of either — "partial"): - Jitendra Gupta — Director, appointed 01 Aug 2019 (Founder/CEO; DIN 03341028 per Tofler AI-extract, not independently corroborated — treat as partial) - Vikram Vaidyanathan — Director/Nominee Director, appointed 31 Oct 2019 (DIN 06764019 per Tofler, uncorroborated) - Rohit Kumar Pandey — Director (listed as Additional/appointed 13 Aug 2025 per Falconebiz vs Tofler's undated "Additional Director" — date conflict between sources; DIN 07209950 per Tofler, uncorroborated) - Mohit Bhatnagar (Anand) — Nominee Director, appointed 16 Oct 2023 (DIN 00381741 per Tofler, uncorroborated) Note: DINs above come from only one source (Tofler AI extraction) each — not confirmed against a second source or MCA primary filing, so treat DINs as "partial/unverified" despite director names/roles being corroborated across two aggregators.

GST Registrations

Primary/home-state GSTIN: 27AASCA5737H1Z8 (Maharashtra, Mumbai Suburban), registered 07 Sep 2019, status Active, Regular taxpayer, constitution Private Limited Company — confirmed via KnowYourGST + corroborated (GSTIN string, registration date) by PiceApp, Masters India, FN Shift Solutions, GST Unifers, GST Jamku (single-source-per-detail aggregator scrape, but same GSTIN repeated identically across 5+ independent listings = confirmed). PAN: AASCA5737H (matches company PAN — confirmed). Additional state registrations found (partial, single-source via search snippets, not opened individually): Karnataka GSTIN 29AASCA5737H1Z4 (registered ~03 Dec 2019, Bengaluru Urban); Haryana GSTIN 06AASCA5737H1ZC (registered ~12 Jul 2023). #Registrations: at least 3 states identified (Maharashtra, Karnataka, Haryana); true total count "not obtained" (no aggregator exposes a definitive multi-state count for this entity).

Financials

• Figures are inconsistent across sources and NOT independently reconciled to an audited filing — reported as-is with source attribution, standalone basis assumed, no consolidated statement found:
• FY2024 (ended Mar 2024): Revenue ~₹77.5 Cr
• Net loss ~₹265.5 Cr, per press/aggregator secondary summary via DuckDuckGo snippet aggregation — single indirect source, partial
• Tofler separately notes FY2024 "Net worth decreased 30.06%, Borrowings increased 121.3%" without absolute figures, subscription-gated.
• FY2025 (ended Mar 2025): Revenue ₹90.94 Cr, +13% YoY per Falconebiz, partial — EBITDA/PAT locked behind paywall
• Tofler separately shows FY2025 "Operating revenue range ₹75–100 Cr," "Net worth ↓31.01%," "Total borrowings ↑121.3%," "Total assets ↓20.62%," "ROE −2.41%," "ROCE −21.53%," Debt/Equity 0.14, percentages only, absolute ₹ figures paywalled.
• Reported to have "doubled revenues in FY25" per one press summary — this conflicts somewhat with the +13% YoY figure from Falconebiz
• Flagging as an unresolved source conflict, not reconciled.
• EBITDA, PAT (absolute ₹), and net worth (absolute ₹) — not obtained, paywalled on all three aggregators fetched.
• Auditor: Deloitte Haskins & Sells LLP, Falconebiz, single source, partial.
• Overall status: partial — directional trend, revenue growing, losses/negative equity trend, rising borrowings, is confirmed by 2+ sources
• Exact absolute rupee figures are not obtained.

Funding History

• Total funding raised to date: reported inconsistently as ~$201M across 8 rounds, Tracxn-derived secondary mention, vs ~$225–230M in another summary — conflict, not reconciled
• Treat as "~$200M+" partial.
• Recent round: $15M raised (₹115 Cr) from existing investors — Mirae Asset Venture Investments (India), BEENEXT, and 3one4 Capital, plus founder Jitendra Gupta personally — at a flat valuation of $600M, corroborated by 8+ independent outlets, TheEntrepreneurStory, Economic Times B2B, BW Disrupt, Dealroom, WhalesBook, etc., — confirmed.
• This round was then reported extended by a further $10–11M, to a combined ~$25–26M raise, with Jitendra Gupta roughly doubling his personal investment, per Moneycontrol headline, article body not retrievable — title/snippet only, partial.
• Prior benchmark: $600M valuation is stated as "flat," i.e. unchanged since a 2021 round in which Jupiter raised $85M, per Dealroom snippet, — partial, single source.
• Peak valuation reported elsewhere at $710M, single secondary source, partial, possibly stale/pre-flat-round.
• Known historical/current investor roster, names only, no round-by-round attribution obtained: Tiger Global Management, QED Investors, Peak XV Partners, formerly Sequoia Capital India, Matrix Partners, Sequoia Capital, Global Founders Capital, Nubank, Alteria Capital, BEENEXT, 3one4 Capital, Mirae Asset Venture Investments, Greyhound Capital — aggregated from secondary press/search summaries, not from a primary cap-table filing
• Use Tracxn only for round names/dates per house rule, not amounts.
• Not obtained: authoritative round-by-round (Seed/A/B/C/D) date+amount+lead-investor breakdown from a primary source.

Shareholding

• Not obtained from any fetched aggregator — shareholding pattern is paywalled on Tofler/TheCompanyCheck/Falconebiz.
• Known equity investors are listed under Funding above, press-sourced, not a verified cap table.
• Founder Jitendra Gupta holds a stake and reportedly co-invests in funding rounds
• Exact %ages not obtained.

Loans & Charges

Related Parties

• Not obtained in detail.
• Falconebiz notes 6 subsidiary companies exist under this entity, names not listed on free tier.
• No related-party transaction notes were accessible, paywalled / requires MGT-7 or audited-financials annexures, none located as a mirrored PDF.

Credit Ratings

• Not obtained. No CRISIL, ICRA, or CARE rating for Amica Financial Technologies / Jupiter was found via registry aggregators or web search
• Searches returned no relevant results, only unrelated "Jupiter"-named entities/products. Status: none found.

Legal & Compliance

• Indian Kanoon shows this entity as an active litigant, primarily in trademark/IP disputes over the "Jupiter" brand name, source: indiankanoon.org search results:
• Amica Financial Technologies Pvt Ltd vs Jupiter Capital Pvt Ltd — Karnataka High Court, Writ Petition No. 6244/2025 (12 Mar 2025) and Commercial Appeal No. 359/2023 (10 Oct 2023)
• Also a reverse-captioned Jupiter Capital Pvt Ltd vs Amica Financial Technologies Pvt Ltd, Karnataka HC, 02 Jul 2026.
• Amica Financial Technologies Pvt Ltd vs Hip Bar Pvt Ltd — Madras High Court, Commercial Division (09 Dec 2022).
• Amica Financial Technologies Pvt Ltd vs Jupiter Investment Management Group Limited — Delhi High Court, C.O. (COMM.IPD-TM) 159/2023, multiple hearing dates spanning 27 Mar 2024 through 19 May 2026 (ongoing).
• These appear to be trademark-opposition/passing-off matters tied to use of the "Jupiter" name, not solvency/regulatory enforcement actions. Case outcomes/current status not obtained, indiankanoon search summary only, not individual judgment text.

Competitive Landscape

• Indian neobank/fintech peers, named, similar consumer-fintech scale unless noted:
• Fi Money (epiFi) — closest direct neobank competitor, similar scale/positioning
• Niyo, Niyo Global/Niyo Bharat, — neobank, comparable scale
• Freo, formerly MoneyTap, — neobank/lending app, comparable scale
• OneCard / OneScore — credit-card-led fintech, adjacent/comparable scale
• RazorpayX — business-banking focus, adjacent segment, larger parent Razorpay
• Slice — credit/UPI-led neobank, comparable scale
• Note: "none of the best neobanks in India hold a banking licence" — all, Jupiter included, operate via partner banks, Federal Bank, CSB Bank etc., per press commentary.

Frequently Asked Questions