Payments technology firm Juspay turned profitable in FY25, reporting a profit of Rs 115 crore before exceptional items and tax. Revenue from operations rose 61 per cent year-on-year to Rs 514 crore, driven by higher digital transaction volumes and operational efficiencies.
In FY25, Juspay recorded a Profit Before Tax (PBT) of Rs 27 crore and a Profit After Tax (PAT) of Rs 62 crore. The PAT figure is higher than PBT due to deferred tax adjustments.
For the fiscal year ending March 2024 (FY24), Juspay reported an operating revenue of Rs 319.32 crore and a net loss of Rs 97.54 crore.
The company’s daily transaction volume increased from 175 million to over 300 million, while annualized total payment volume (TPV) surged 150 percent to $1 trillion from $400 billion. The growth was supported by new partnerships with merchants and banks, including Agoda, Amadeus, HSBC, and Zurich Insurance.
In terms of revenue, Sheetal Lalwani, the company's cofounder said that India is still the highest revenue contributing country.
“India still contributes about 98 to 99 per cent of our revenues, but we’re expanding globally. We already work with banks like HSBC across Hong Kong, Singapore, and India, and they’re planning to roll out our infrastructure to more countries," Lalwani added in a media briefing on November 11.
Founded in 2012 by Vimal Kumar and Sheetal Lalwani, Juspay offers a range of products including checkout, authentication, tokenisation, payouts, and unified analytics. Its clientele spans enterprise merchants and leading banks globally.
Juspay received its Payment Aggregator (PA) license from the Reserve Bank of India (RBI) on February 6, 2024. This authorisation allows Juspay to operate legally as a payment aggregator, providing comprehensive payment services to merchants, including collecting, processing, and settling payments.
“Having the licence helps us deepen our direct integrations with merchants and banks, strengthening our role as an infrastructure player rather than just a payments intermediary," Lalwani said.
The company has also expanded its international presence with new offices across the US, Europe, APAC, and LATAM. For FY26, Juspay plans to maintain profitability while investing in AI-led product innovation, global expansion, and next-generation payment infrastructure.
In January 2025, the payments ecosystem saw rising competition between Juspay and payment gateway (PG) firms amid shrinking commission margins. PG players Razorpay and Cashfree announced that they would stop working with third-party payment orchestration platforms (POPs) like Juspay, asking merchants to use their own platforms instead. Around the same time, PhonePe also said it would not work with third-party POPs.
Also Read: Merchants left fuming after payment gateway firms try to work around Juspay
“We haven’t lost any merchant, our churn is almost zero. Every client we’ve onboarded has stayed with us... Some PGs have chosen to limit work with orchestration platforms, but we continue to see growth. Large merchants still prefer the flexibility and transparency that Juspay offers," Lalwani said.
In April 2025, Juspay secured $60 million in an ongoing Series D funding round led by private equity firm Kedaara Capital, with participation from existing investors SoftBank and Accel. Moneycontrol had reported first that Juspay was set to become the first unicorn of 2025 with a $150-million fundraise.
Also Read: Juspay set to become first unicorn of 2025 with $150 million round
With the fresh capital, Juspay said it plans to deepen its investments in artificial intelligence to enhance workforce productivity and improve the merchant experience. The company has expanded its footprint across Asia-Pacific, Latin America, Europe, the UK, and North America, while continuing to invest in its open-source payments orchestration platform that offers enterprise merchants greater flexibility and transparency in managing their payments stack.
“We’ve been cash-flow positive for some time. We have a healthy cash balance, have raised only about $90 million so far, and have burned very little of it," Lalwani added.
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