The Fintech sector in India has grown by leaps and bounds as the pandemic necessitated the shift to going online to conduct financial transactions. This has, in turn, benefitted the fintech players in the Indian arena and attracted the attention of investors, which led to the inflow of capital and even the evolution of some fintech startups into unicorns or going public (as was the case with Paytm). And this trend does not seem to be changing anytime soon, as payments technology startup Juspay Technologies raised $60 million in fresh funding.
Juspay’s Series C funding round was led by SoftBank’s Vision Fund II and included participation from existing investors VEF and Wellington Management. The latest funding round puts the valuation of the nine-year-old Juspay at $460 million. Juspay had raised nearly $88 million in funding to date.
This funding marks the first investment by SoftBank following the disappointing debut of Paytm in the public markets.
The proceeds from the funding round will be utilized towards scaling up JusPay’s technology infrastructure in order to improve its platform and to expand its business in payments and product adjacencies in both national and international markets. It also plans to hire individuals and train them for the expansion, aiming to have around 1000 people next year.
“Juspay has been in the forefront, building foundational infrastructure by unifying and enhancing hundreds of diverse payment options in a neutral way. We believe in ecosystem innovations like UPI and OCEN (Open Credit Enablement Network) and have built a deep value-driven culture to support such initiatives. This funding will help us scale up our mission in India and expand globally,” said Vimal Kumar, founder, and CEO, Juspay.
Juspay is a well-known name in the Indian fintech sector, being one of the contributors of the BHIM App and known to improve the user experience for billions of payment transactions for leading merchants like Amazon, Flipkart, Ola, Airtel, and Swiggy.
Its intelligent technology platform unifies payment gateways, thereby simplifying the process and giving merchants a “seamless, secure, reliable, end-to-end, enterprise-grade payment stack to achieve higher revenue at a lower cost.”
The startup offers payment processing technology to merchants including 1-click frictionless digital payments in the country. It claims to be processing over 300 million online transactions per month (11 million transactions per day) with a gross value of over $5 billion and has the highest number of payment SDK (software development kit) installed across 250 million mobile phones. It also claimed that its platform records the majority of mobile transactions in the country.
Juspay’s offerings also include Express Checkout, a payments orchestration platform to boost transaction success rates, and UPI in a Box, the first cloud-native UPI PSP and in-app UPI SDK.