Juspay has secured $60 million in a Series D ongoing funding round led by private equity firm Kedaara Capital, the Bengaluru-based payments infrastructure provider said on April 7. The round includes a mix of primary and secondary investments, with participation from existing backers SoftBank and Accel.
Moneycontrol reported on January 27 that Juspay was set to become the first unicorn of 2025 with a $150-million round.
With the new funding, Juspay plans to deepen its investments in artificial intelligence to enhance workforce productivity and improve the merchant experience.
The company has expanded its footprint to regions such as Asia-Pacific, Latin America, Europe, the UK, and North America. It also continues to invest in its open-source payments orchestration platform, which it says allows enterprise merchants greater flexibility and transparency in managing their payments stack.
Founded in 2012 by Vimal Kumar and Sheetal Lalwani, Juspay offers a range of products including checkout, authentication, tokenisation, payouts, and unified analytics, powering over 200 million transactions daily with an annual processed volume exceeding $900 billion. Its clientele spans enterprise merchants and leading banks globally.
Also Read: Juspay set to become first unicorn of 2025 with $150 million round
“We remain committed to building truly open-source and interoperable payment systems that embrace the growing diversity in the payments landscape,” said Lalwani, who is also the COO of Juspay. “We welcome Kedaara Capital and look forward to their support as we build towards the next phase of our growth.”
Kedaara Capital’s Nishant Sharma, who led the investment, said Juspay is a standout player in the global payments space.
“Their strong tech foundation, open-source approach, and visionary leadership make them a standout. We’re excited to support them as they scale a resilient, future-ready platform for leading enterprises and financial institutions,” Sharma said.
The funding comes after Juspay's long-term fintech partners, including Razorpay, Cashfree, Paytm and PhonePe, cut ties with the company over the past few months.
The strategic realignments reportedly followed differences around product integration, data control, and pricing, as reported by Moneycontrol.
Juspay is a prominent player in India's digital payments landscape with considerable technological heft. When the National Payments Corporation of India was building the UPI interface app, it approached Juspay to develop BHIM. Its OTP-ready 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.
Also Read: Why do payment gateways want to disconnect Juspay, even it means losing business
Juspay posted growth in its financial performance, with its operating revenue increasing by nearly 50 percent in the fiscal year ended March 2024.
The SoftBank-backed company reported a revenue of Rs 319.32 crore for FY24, up 49.6 percent from the previous year. It also managed to cut losses by 10 percent during the period.
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