Juspay has raised $60 million in its Series D round of funding, led by Kedaara Capital, with support from current investors SoftBank and Accel. The round includes both primary and secondary investments and arrives at a critical time for the firm, after recent disruptions in the payment orchestration industry.
Juspay is going to leverage the new funds to boost its Artificial Intelligence (AI) functions, with emphasis on solutions meant to enhance workforce productivity and merchant experiences. The company has also scaled its operations in Asia-Pacific, Latin America, Europe, the UK and North America.
Sheetal Lalwani, Co-Founder and COO, Juspay, said, “As we build our global presence and set the frontiers of AI, we continue to remain focussed on creating open-source and interoperable payment systems that welcome the increasing diversity of the payments environment.”
The funding round comes after a torrid time for Juspay as leading aggregators such as PhonePe, Razorpay, Paytm and Cashfree ended partnerships with the firm. The aggregators had raised fears about Juspay supposedly prioritising its payment gateway and withholding transaction data. Although Juspay dismissed such claims as “baseless,” the breakup represents increasing competition within India’s payment ecosystem.
Even with these hurdles, Juspay has proven to be financially robust. During FY24, the company reported revenue growth of 49.6 per cent at Rs 319.32 crore, up from Rs 213.39 crore in FY23. Losses were curtailed by almost eight per cent, reflecting enhanced operational efficiency.
Founded in 2012 by Sheetal Lalwani and Vimal Kumar, Juspay offers payment orchestration services, checkout experiences, 3DS authentication, tokenisation, unified analytics and real-time payments infrastructure to enterprise merchants and banks. The firm handles more than 200 million transactions per day at a reliability level of 99.999 per cent, processing an annual total processed volume of over $900 billion.
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