ReutersPayments technology startup Juspay on Wednesday said it has raised $60 million in a funding round led by SoftBank Vision Fund II.
SoftBank put in $50 million while the rest came from the existing investors, VEF and Wellington Management, Juspay’s founder Vimal Kumar said.
This is the first investment from SoftBank in an Indian payments firm after its portfolio firm Paytm went public last month in what was a disappointing debut on the bourses. SoftBank had invested around $1.6 billion in Noida-based Paytm.
Last month, ET first reported that SoftBank Vision Fund was in advanced stages of talks to lead the new funding round in Juspay.
The funding is expected to value Juspay at $460 million, up from around $140 million.
With this round, Juspay has raised close to $88 million till now.
Juspay will invest this money in technology and product development to scale its business in payments and product adjacencies like credit--both in India and globally, said Kumar, who is also the CEO.
“We will need to hire more people and train them for this (expansion). We have around 600 people and should get to around 1,000 next year,” Kumar told ET.
He said his team was involved in building the Bhim app on unified payments interface (UPI) in a matter of three weeks.
“Juspay has been in 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,” Kumar said. “This funding will help us scale up our mission in India and expand globally.”
Juspay, started in 2012, offers payment processing technology to merchants. It is also building a host of other services as more businesses go online, especially after the Covid-19 pandemic.
Juspay said it sees 300 million online transactions per month with a gross value of over $5 billion, along with having the highest number of payment SDK (software development kit) installed across 250 million mobile phones.
The company claimed that the bulk of mobile payments in India go through its platform, pegging the transactions per day at about 11 million.
“Juspay is one of the most innovative deep-tech companies in India’s fast-growing digital payments market. It is solving the complex needs of an evolving fintech ecosystem,” said Vishal Gupta, director, SoftBank Investment Advisers. “We believe in Juspay’s vision to simplify payments for billions of people globally and deliver higher revenue at lower cost for merchants.”
SoftBank put in $50 million while the rest came from the existing investors, VEF and Wellington Management, Juspay’s founder Vimal Kumar said.
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Last month, ET first reported that SoftBank Vision Fund was in advanced stages of talks to lead the new funding round in Juspay.
The funding is expected to value Juspay at $460 million, up from around $140 million.
With this round, Juspay has raised close to $88 million till now.
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Juspay will invest this money in technology and product development to scale its business in payments and product adjacencies like credit--both in India and globally, said Kumar, who is also the CEO.
“We will need to hire more people and train them for this (expansion). We have around 600 people and should get to around 1,000 next year,” Kumar told ET.
He said his team was involved in building the Bhim app on unified payments interface (UPI) in a matter of three weeks.
“Juspay has been in 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,” Kumar said. “This funding will help us scale up our mission in India and expand globally.”
Juspay, started in 2012, offers payment processing technology to merchants. It is also building a host of other services as more businesses go online, especially after the Covid-19 pandemic.
Juspay said it sees 300 million online transactions per month with a gross value of over $5 billion, along with having the highest number of payment SDK (software development kit) installed across 250 million mobile phones.
The company claimed that the bulk of mobile payments in India go through its platform, pegging the transactions per day at about 11 million.
“Juspay is one of the most innovative deep-tech companies in India’s fast-growing digital payments market. It is solving the complex needs of an evolving fintech ecosystem,” said Vishal Gupta, director, SoftBank Investment Advisers. “We believe in Juspay’s vision to simplify payments for billions of people globally and deliver higher revenue at lower cost for merchants.”
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