Juspay Trims Net Loss To INR 97.54 Cr In FY24

SoftBank-backed fintech startup Juspay trimmed its net loss by 7.7% to INR 97.54 Cr in the financial year ending March 2024 (FY24) from INR 105.75 Cr in the previous fiscal year.

The company recorded a 49.6% rise in operating revenue during the year under review to INR 319.32 Cr from INR 213.39 Cr in FY23. 

While sale of services accounted for 89.7% of the total operating revenue at INR 286.5 Cr, income from product implementation, support and other services contributed INR 32.80 Cr to the top line. 

Founded in 2012 by Vimal Kumar and Ramanathan RV, Juspay is a full-stack software-as-a-service (SaaS) platform which offers digital payment gateway services. 

Besides, it offers 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. 

The company has raised $87.42 Mn in funding from the likes of SoftBank, VEF, Wellington Management, among others, till date. 

In April, Juspay spun off its mobility app Namma Yatri into an independent entity named Moving Tech Innovations Ltd. 

Tracing Juspay Expenses

The company saw its total expenses climb 29.5% to INR 443.74 Cr in FY24 from INR 342.59 Cr in FY23. Here’s a detailed breakdown:

Employee Benefit Expenses: The company’s employee costs accounted for 68.3% of the total expense in FY24. Expenses under this bucket stood at INR 303.4 Cr in FY24, an increase of 41.7% from INR 214.04 Cr in the year-ago period. 

Technology Cost: The company spent INR 46.72 Cr towards technology costs during the year under review, down 16% from INR 56.07 Cr in FY23.

Advertising & Sales Promotion Expenses: Marketing expenses zoomed nearly 8X YoY to INR 9.79 Cr in FY24 from INR 1.23 Cr in FY23.

Legal Costs: Juspay incurred expenses worth INR 24.15 Cr in the fiscal ended March 2024 on legal and professional charges, down marginally from INR 24.42 Cr in FY23.

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