The round also saw participation from Juspay’s existing investor VEF and Wellington Management
Juspay will utilise the fresh round for technology and product development to scale its payment business
The new round comes almost one and half years later after it raised $21.6 Bn in Series B round
Bengaluru-based payments gateway platform Juspay has 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.
The startup intends to utilise the fresh capital infusion for technology and product development to scale its business in payments and product adjacencies in India and globally.
The fresh round of investment comes almost one and half years later. In April 2020, Juspay had mopped $21.6 Mn in Series B round led by Sweden-based Vostok Emerging Finance with an investment of $13 Mn.
During its Series B round, VEF got representation in Justpay’s board of directors.
Founded in 2012 by Vimal Kumar, Juspay offers a technology platform that unifies payment gateways to give 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.
Juspay claims to process over 11 Mn transactions per day and counts marquee clients such as Amazon, Flipkart, Swiggy, CRED, BigBasket and PharmEasy, among others.
In the payment gateway category, Juspay competes with the likes of Prosus-backed BillDesk, and unicorn fintech startup Razorpay, CCAvenue, and PayU among others.
As per an Inc42 plus analysis, the fintech sector stood second in funding amount in this year with $7.4 Bn infusement. Razorpay, PineLabs, Jupiter, and Zest Money, picked up larger cheques 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.