[Funding alert] Juspay raises $60M led by SoftBank
Bengaluru-headquartered payments operating system provider VEF (Vostok Emerging Finance) and Wellington Management also participated in the round, said a statement issued by the company.has announced raising $60 million in a Series C round of funding led by SoftBank Vision Fund 2. Returning investors
The company will utilise the capital for technology and product development. It will also scale its business to enter adjacencies like credit and will focus on global expansion.
The round takes the total capital raised by the company to $87.4 million to date.
Founded in 2012 by former Chief Information Officer at BankBazaar, Vimal Kumar and BankBazaar executive Ramanathan RV, Juspay provides a payment stack to businesses and merchants. Ramanathan moved on from Juspay to build Hyperface in January 2021.
“Juspay has been at the forefront, building foundational infrastructure by unifying and enhancing hundreds of diverse payment options in a neutral way. 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,” said Vimal Kumar, Founder and CEO of Juspay in the statement.
The company offers multiple products such as Juspay Safe for OTP auto-read and authentication, HyperSDK for customisable native payment experience, Express Checkout which enables multiple payment options and smart routing systems to boost transaction success rates, UPI in a box for merchants and offers on-cloud UPI payment services to manage large transaction volumes for banks. The company’s customers include the likes of Amazon, Flipkart, Cred, Swiggy and others.
Juspay was also a key player in developing BHIM app for the National Payments Corporation of India.
Avendus Capital acted as the advisor for Juspay for the round.