Bengaluru-based payments infrastructure startup Juspay recently secured $60 million as a part of its Series D funding round spearheaded by private equity firm Kedaara Capital. Also, it attracted participation from existing investors SoftBank and Accel.
Apart from primary and secondary transactions taking place, early investor VEF partially exited by securing $14.8 million in gross proceeds while retaining a 7.8% stake.
Avendus Capital served as the exclusive financial advisor to Juspay for the latest transaction.
Established in 2012, Juspay offers scalable payment technology solutions for banks and large enterprises such as orchestration, tokenization, checkouts, real-time payment infrastructure, analytics, etc.
As per figures, the company processes north of 200 million daily transactions with an annual volume exceeding $900 billion.
The company plans to invest this fresh bunch of capital to expedite the development of their open-source payments orchestration platform – Hyperswitch, and enhance its AI capabilities to offer merchants a better user experience.
Juspay’s Co-Founder & COO Sheetal Lalwani said, “Today, as we expand our global footprint and push the boundaries of AI, we remain committed to building truly open source and interoperable payment systems that embrace the growing diversity in the payments landscape.”
Further, they aim to expand their operations and go global with ongoing expansions across Asia-Pacific, Europe, Latin America, the UK, and North America.
As the global fintech ecosystem demands a more dynamic and inclusive payments ecosystem, Juspay’s technology expansion promises to open doors for inter-connected setup that eliminates the existing fragmented workflow.
Talking about the financials, the company reported revenue of INR 319.3 crore in FY24, compared to INR 213.4 crore the previous year.
And losses have seen a slight reduction INR 97.5 crore, a 7.8% reduction from FY23.
Adding the current funding received, Juspay has raised nearly $147 million to date. The previous funding round which was the same $60 million, but Series C, was led by SoftBank Vision Fund 2, where VEF and Wellington Management participated too.