Juspay Technologies, a Bangalore based mobile payments start-up, has received Rs 40 crore worth of investment in a Series A round. And the likes of Bookmyshow, along with the venture capital firm Accel Partners pitched in to provide that capital boost.
The start-up has also quietly managed to generate an undisclosed amount of investment from Haresh Chawla, India Value Fund partner and former Network18 CEO.
Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, founders of Bookmyshow participated in the Series A round with Accel Partners to fund the start-up that was named as one of the Tech 30 companies by TechSparks in 2012. Juspay Technologies, trying to carve a niche in the severely competitive mobile payments sector added that it will utilise the funds to strengthen its product.
The investment has come at a right time when we required the most. There’s a diverse challenge out there. There’s a need to build a robust technology to provide unparalleled solutions to the industry. We will invest the funding in building such technology.
Juspay Technologies was co-founded by former Amazon engineer Vimal Kumar and Ramanathan RV in 2012. Started at a time when the mobile payments sector was budding, the co-founders envisioned to create a one stop payment solution for mobile transactions. Two years after it began operations, Juspay launched a browser meant only for online banking called Juspay Safe in 2014. In the same year, Sheetal Lalwani, former Bloomberg executive joined aboard the start-up.
With the recent flow of funds, Juspay Technologies plans to increase its workforce from 30 to just over 50 employees.
The payment gateway service offered by the company witnesses around 700,000 transactions on a daily basis. Apart from payment solutions to the general public, the start-up also offers net banking services to other companies. Juspay boasts of Amazon India, Snapdeal, Bookmyshow, Makemytrip, Yatra, Swiggy, Freecharge, Foodpanda and Jabong as its clients.
The latest round of investment from Accel Partners and Bookmyshow raise Juspay’s valuation to over Rs 200 crore. Accel Partners investment meant that the VC firm now holds 20 percent stake in the start-up.