Digital payments player Juspay Technologies said on December 15 that it has raised $60 million in a Series C funding round led by SoftBank Vision Fund 2 with participation from existing investors VEF and Wellington Management.
This brings the total fundraise by Juspay to $87 million since its inception in 2021. The company did not reveal details of its valuation in the statement.
“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,” Founder and CEO Vimal Kumar said.
This is significant as Juspay is Softbank’s second fintech bet in India after leading investment in Paytm. The Japanese investment firm’s stake in Paytm before the company listed on the stock exchanges was 19.6 percent.
SoftBank has invested about $3.2 billion in India this year in Meesho, Swiggy, Flipkart, Unacademy, Ola Electric, and was part of deals worth $8.3 billion.
“Juspay is solving the complex needs of an evolving fintech ecosystem,” said Vishal Gupta, Director at SoftBank Investment Advisers. “We believe in Juspay’s vision to simplify payments for billions of people globally and deliver higher revenue at lower cost for merchants.”
Juspay’s products include a payment gateway, UPI in a Box, helping merchants accept payments through the Unified Payments Interface (UPI). The merchants on its platform include Amazon, Flipkart and Swiggy and it claims to process 11 million transactions a day.
The company’s other products include Juspay Safe - a payment browser that simplifies payment authentication, HyperSDK – a payments software development kit (SDK) distribution installed across 250 million mobile phones, and Express Checkout – a platform built to boost transaction success rates.
The company has also introduced a product to enable tokenisation of customer card details for merchants, to align with the Reserve Bank of India’s guidelines for payment aggregators and payment gateways.
Avendus Capital was the advisor for Juspay in this funding round, the company said.
