Fintech Startup Juspay’s Revenue Crosses INR 200 Cr Mark In FY23

SoftBank-backed Juspay’s top line crossed the INR 200 Cr mark in the financial year ended March 31, 2023. The fintech startup’s operating revenue jumped 89% to INR 213.3 Cr in the financial year 2022-23 (FY23) from INR 112.7 Cr in the previous fiscal year. 

Founded in 2012 by Vimal Kumar and Ramanathan RV, Juspay is a full-stack digital payments software-as-a-service (SaaS) platform which offers payment gateway services. Besides, it also develops software for financial institutions, provides support services for application integration, automated business process, among others, to companies across sectors such as BFSI, ecommerce, travel, fintech, and airlines. 

Including other income, the startup’s total income stood at INR 236.8 Cr in FY23, up 95% from INR 121.5 Cr in FY23.

However, its net loss increased 4% to INR 105.7 Cr during the year under review from INR 101.5 Cr in FY22. 

Where Did Juspay Spend?

Juspay’s expenses zoomed 54% to INR 342.5 Cr in FY23 from INR 223.1 Cr in the previous fiscal year.

Employee Benefit Expenses: The startup’s growing expenses could be attributed to its employee costs, which accounted for 62% of the total expenses. Juspay’s employee benefit expenses grew 70% to INR 214 Cr during the year under review from INR 126.1 Cr in FY22.

IT Expenses: Juspay’s spending under the head rose 41% to INR 56 Cr from INR 39.6 Cr in FY22.

Earlier this year, Juspay acquired Y Combinator-backed software provider LotusPay in an all-cash deal.

Late month, the startup received the final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator. 

Juspay claims to process 100 Mn+ transactions daily. It has raised a total funding of around $90 Mn till date and counts the likes of Accel, VEF, and SoftBank among its backers. 

The startup competes against Razorpay, PayU, Paymate, MobiKwik, among others. 

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