Bengaluru-based payments gateway startup Juspay has clocked a loss of INR 25.8 Cr in the financial year ending on March 31, 2021.
This is a 514% rise in Juspay’s loss from INR 4.2 Cr the startup incurred in FY20. However, the startup saw a significant increase in its revenue. Juspay in FY21 posted a total revenue of INR 70.8 Cr in FY21, a 52% rise from INR 46.4 Cr it posted in FY20.
Further, the startup has posted INR 10.8 Cr from its revenue of operations, a 227% rise from INR 3.3 Cr it posted in FY20.
The fintech startup clocked a total expenditure of INR 96.6 Cr in FY21, a 90% increase from INR 50.6 Cr in FY20. In the employee benefit expense front, Juspay posted INR 40 Cr in FY21, a sharp rise from INR 19.3 Cr it saw in FY20.
Founded in 2012 by Vimal Kumar, Juspay offers a technology platform that unifies payment gateways to offer merchants a seamless, secure, reliable, end-to-end, enterprise-grade payment stack.
The startup’s offerings include Justpay Safe, a payment browser, HyperSDK, a payments SDK (software development kit), Express Checkout, a payments orchestration platform, and an UPI option.
As per its website, it claims to process over 11 Mn transactions per day and counts marquee clients such as Amazon, Flipkart, Swiggy, CRED, BigBasket and PharmEasy, among others.
Juspay processes $55 Bn transactions on an annual basis.
Last month, Juspay raised $60 Mn in its Series C round of funding. The fresh round of funding was led by Masayoshi Son-led SoftBank Vision Fund II. While SoftBank has alone invested $50 Mn in the new round, the remaining amount was infused by Juspay’s existing investors VEF and Wellington Management.
As per an Inc42 plus analysis, the fintech sector stood second in funding amount in 2021 with $7.4 Bn infusement. Razorpay, PineLabs, Jupiter, and Zest Money, picked up larger investments in 2021, as Indians shift more towards digital payments. Thanks to growth drivers such as higher internet penetration and the pandemic, the fintech sector witnessed a total of 260 deals in 2021 till December 4, 2021.