Companies

Juspay raises $60 million in Series C round led by SoftBank

Our Bureau | | Updated on: Dec 15, 2021

Plans to use the capital in technology and product development

Fintech start-up Juspay on Wednesday announced that it has raised $60 million in Series C round led by SoftBank Vision Fund 2. Existing investors VEF and Wellington Management also participated in the round.

Juspay plans to deploy the fresh capital in technology and product development to scale its business in payments and product adjacencies like credit - both in India and globally. Avendus Capital has advised Juspay in this funding round.

Vimal Kumar, the founder & CEO of Juspay said: “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. This funding will help us scale up our mission in India and expand globally.”

Founded in 2012, Bengaluru-based Juspay has built a robust payments operating system, improving user experience for leading merchants like Amazon, Flipkart and Swiggy. Today, the bulk of mobile payments in India go through Juspay’s platform. It processes 11 million transactions per day, one of the highest in India, with best-in-class reliability. Its key innovations include payment authentication product Juspay Safe, payments SDK distribution offering HyperSDK and Express Checkout to improve transaction success rates.

Vishal Gupta, Director, SoftBank Investment Advisers, said: “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. We believe in Juspay’s vision to simplify payments for billions of people globally and deliver higher revenue at lower cost for merchants.”

Published on December 15, 2021
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