JULO Announces Reaching Breakeven Point on Operational Profit

Startups JULO announced annual recurring revenue (ARR) of $120 million (around IDR 1,8 trillion) with revenue growth of 73% in 2023. It also reported that its operating profit had reached break-even.

JULO's total loan distribution throughout 2023 was recorded at $454 million or grew 50% (YoY). Meanwhile, total loan disbursement since operating in 2016 has exceeded $1 billion.

Meanwhile, the retention rate per cohort JULO is 70%, which is said to have significantly contributed to savings in borrower acquisition costs and increased company operational costs.

JULO President Ankur Mehrotra said that the company's performance growth could be realized thanks to the partnership of a number of leading financial partners, including Credit Saison, Bank Sampoerna, and Superbank, to expand loan distribution to the middle income segment in Indonesia.

A number of JULO investors include AC Ventures, Credit Saison, Quona Capital, and Saratoga. JULO last acquired series B funding worth IDR 1,1 trillion from Credit Saison in 2022.

“Our main goal is to generate sustainable profits for shareholders, and offer future liquidity options, such as an IPO. We believe we are on the right track while optimizing key products and managing risks efficiently through investments and risk management. "We will expand our product portfolio to become a fully integrated financial platform," said Ankur in his official statement.

Enter the health segment

In the Asia PE-VC Summit panel discussion last month, Ankur said that the company's main focus at the moment is to distribute productive loans with a clear track record of use and can improve consumers' long-term standard of living.

One of them is education financing which he entered in early 2023. Even though in the same year, several P2P lending actually decided get out of the education financing business. JULO offers education financing for school, university and lean needs in 250 thousand institutions. For JULO, this segment still has large growth room.

Furthermore, added Ankur, JULO will launch a similar financing product in the health services segment in the next few months.

"Instead of financing the purchase of new shoes or bags on online platforms, productive financing will improve consumers' lives in the long term. We can help those who have financial difficulties in accessing health services," he said last January in Jakarta.