Fintech infrastructure firm Juspay is set to become the first unicorn of 2025 as it aims to raise $150 million in its latest funding round, led by Kedaara Capital with participation from WestBridge and SoftBank, sources told Moneycontrol.
The firm is raising at a valuation of around $1 billion. Unicorns are startups whose valuations exceed $1 billion.
Round comes amid intensifying competition in the payments space where multiple payment gateways including Phone, Razorpay and Cashfree have snapped ties with the Payment orchestration platform.
Juspay, founded by Vimal Kumar and Sheetal Lalwani in 2012, is the leading provider of payment orchestration software.
When the National Payments Corporation of India was building a UPI or unified payments interface app for itself, it approached Juspay to develop BHIM. Its OTP read software made the checkout experience through mobile apps of ecommerce platforms seamless. Even today, it works with several UPI apps, managing a key part of their payment orchestration.
Juspay posted strong growth in its financial performance, with its operating revenue increasing by nearly 50 percent in the fiscal year ended March 2024.
In February 2024, Juspay received authorisation from the Reserve Bank of India to operate as a payment aggregator (PA).
The SoftBank-backed company reported a revenue of Rs 319.32 crore for FY24, up from Rs 213.39 crore in FY23, marking a growth of 49.6 percent. Additionally, Juspay managed to cut its losses by 10 percent during this period.
In 2021, the firm raised $60 million in a Series C funding round led by SoftBank Vision Fund 2 with participation from existing investors VEF and Wellington Management.
With the new round, the firm has raised more than $ 237 million in funding.
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