Bengaluru-based Juspay, a mobile payments startup, has secured Rs 40 crore in series-A round of funding from Accel Partners. Confirming the round, Ramanathan RV, co-founder Juspay mentioned that Bookmyshow founders Ashish Hemrajani, Parikshit Dar and Rajesh Balpande have also participated in the funding process. The company had raised an undisclosed amount of angel funding from Haresh Chawla, India Value Fund partner and former Network18 CEO. The venture says that it will utilize the funds to build its product. Juspay is one of the TechSparks 2012 Tech 30 companies.
The investment has come at a right time when we required the most. There’s a diverse challenge out there. There’s a need to build a robust technology to provide unparalleled solutions to the industry. We will invest the funding in building such technology.
He adds that his focus will be on mobile. The company will also expand the team from current size of 30 to over 50 people. Currently, it sees around 700,000 transactions a day on its platform.
Founded in 2012 by Vimal Kumar and Ramanathan RV, with a vision to redefine online payments experience by providing 1-click payments on web and mobile, Bangalore-based Juspay Technologies had launched Juspay Safe in 2014. Juspay Safe is a specially designed browser for online banking and payments applications. The company offers solutions to companies by aggregating services across net banking, wallets and cards. Besides, it also offers payments technology solutions to merchants. Amazon India, Snapdeal, Bookmyshow, Makemytrip, Yatra, Swiggy, Freecharge, Foodpanda and Jabong are some of its clients.
The platform adds that it is unlike conventional browsers that cater to generic use cases ranging from online gaming to serious banking applications, Juspay Safe’s focus is on improving security and user experience for banking.
In the payment gateway segment, there are many players which are offering solutions. However, a majority of them are concentrating on wallet system. Juspay considers PayU as the closest competitor in the segment.