Juspay reports Rs 62 Cr profit; revenue surges 61% in FY25

Payments infrastructure firm Juspay posted its first full year of profitability in fiscal 2025, even as global expansion and heavy engineering investments continue.

The company reported a profit before tax of Rs 27 crore and a profit after tax of Rs 62 crore, with the latter boosted by deferred tax benefits. Total revenue climbed 61% year-on-year to Rs 514 crore, driven by surging transaction volume and a broader client base across banks and merchants.

“Our continued growth underscores the strength of our products, people, and partnerships,” said Sheetal Lalwani, Co-founder and Chief Operating Officer, during a media roundtable to discuss its FY25 earnings.

“We achieved profitability while expanding our global footprint and strengthening key partnerships. Looking ahead to FY26, we will continue to invest in secure, interoperable, and next-gen infrastructure that powers seamless experiences for enterprises, banks, and consumers alike.”

During FY25, Juspay’s daily transaction volume grew from 175 million to over 300 million, while annualised total payment volume surged from $400 billion to $1 trillion.

“Roughly half our revenue comes from merchant orchestration and half from bank infrastructure,” said Sheetal Lalwani, Co-founder and COO. “Our platform powers over 20 third-party payment apps—including Google Pay, Amazon Pay and CRED—and we handle eight or nine of the top ten.”

Juspay’s merchant business operates as a SaaS-style orchestration layer, helping large enterprises such as Amazon, Flipkart, Google, Zepto, and IndiGo optimise conversion, authentication, and routing across payment service providers. The bank-facing business provides UPI, card, and acquiring stacks to lenders including HDFC Bank and HSBC, which use its Digital Merchant Services platform across Hong Kong, Singapore, and India.

Despite wafer-thin take rates, Juspay said margins remain stable, sustained by scale and heavy engineering optimization. “This is a pure infrastructure business—reliability, uptime, and cost efficiency are what matter,” Lalwani said. “Even our largest clients, who could build in-house, stay with us because we deliver at their bar."

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International footprint

Juspay has quietly expanded overseas, with offices in Brazil, Dublin, Singapore, and the United States and clients such as Agoda, Ticket, and HSBC. In Brazil, the firm is integrating with the national real-time payments system PIX, while in Southeast Asia and MENA, it is white-labelling its orchestration technology for banks—replicating its India model. While international revenue is small—about 2% of the total—it is expected to grow sharply on the back of larger companies adopting Juspay's stack.

 “India forced us to build for extreme reliability and near-zero margins,” Lalwani said. “That discipline makes our platform instantly relevant globally, where merchants face the same complexity in routing, currencies, and authentication.”  

Orchestration turf war

Juspay’s business has weathered the recent industry shake-up when major payment gateways such as PhonePe, Razorpay and Cashfree cut ties with third-party orchestrators. The company clarified that it had no commercial relationship with payment aggregators, and worked only with merchants, and therefore saw zero revenue impact.

During the roundtable, Juspay described the turbulence as “helpful” in the long run. “It forced merchants to think about what is the value of Juspay,” a company executive said, adding that the episode accelerated the company’s push to open-source its orchestration platform for India—a move meant to reassure partners of its neutrality and transparency.

“We’re a technology switch, not a payment intermediary,” Lalwani said. “When merchants rerouted transactions to new aggregators, they continued to use our platform. It actually strengthened our relationships and expanded our tech partnerships.”

Despite the rift with some of the biggest players in India’s payment ecosystem, Juspay insists its orchestration engine remains the backbone for major merchants and it continues to grow transaction volumes.   

Regulation

Juspay received the payment aggregator (PA) licence from the RBI in 2024, primarily to meet regulatory audits and boost confidence among banks. It does not plan to run a PA business at scale.

“The licence is more about credibility,” Lalwani said. “Our technology is already audited to RBI standards, which gives banks comfort when we serve them as a tech-service provider.”

Founded in 2012 by Vimal Kumar, Juspay built the original BHIM app and early UPI infrastructure. The company still runs on deeptech DNA—its entire backend is written in Haskell, a mathematical language rare in commercial software. “Every reliability gain is an engineering gain,” said Kumar. “We treat payments as an engineering problem, not a finance one.”

The firm is investing in AI-driven payments and agentic commerce, exploring biometric authentication and passkey-based checkout flows. Internally, Juspay is also developing AI coding and collaboration agents to streamline its own engineering workflows.