SoftBank-backed Juspay raises $60M to accelerate AI development
What's the story
Bengaluru-based payment technology company, Juspay, has successfully raised $60 million in its Series D funding round.
The investment was led by Kedaara Capital and also saw participation from existing investors SoftBank and Accel.
This is the company's first funding round in nearly four years, after a $60 million Series C round led by SoftBank Vision Fund 2 in December 2021.
The funding comes amid fierce competition in India's digital payments space and rising global recession fears driven by Trump's tariffs.
Strategic investment
Juspay's future plans with new funding
Juspay intends to use the new capital to further its investments in artificial intelligence (AI). The company hopes to improve workforce productivity and merchant experience with these investments.
The funding comes at a time when a number of payment platforms, including Paytm, PhonePe, Cashfree, and Razorpay have terminated their partnerships with Juspay as a third-party orchestration provider.
Expansion
Juspay's global reach and daily transactions
Founded in 2012, Juspay provides full-stack orchestration, checkout experience, 3DS authentication, tokenization, unified analytics, and value-added services to enterprise merchants.
It also offers end-to-end payments acceptance and real-time payments infrastructure to top banks.
It claims to handle over 200 million transactions daily at an incredible reliability rate of 99.999%, with an annual total processed volume of over $900 billion.
Financial growth
Juspay's financial performance and future outlook
Juspay's operating revenue increased by 49.6% to ₹319.32 crore in FY24 from ₹213.39 crore in FY23.
The company also succeeded in reducing its losses by 7.8% to ₹97.54 crore during the period.
Despite ending partnerships with several payment platforms, Juspay continues to expand its services globally across Asia-Pacific, Latin America, Europe, the UK, and North America.