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Bangalore-based mobile payments startup, Juspay, has raised about $5.8 Mn (INR 40 Cr.) in series A round of funding from venture capital firm Accel Partners, reported ET.
Others who have participated in this round include Bookmyshow founders Ashish Hemrajani, Parikshit Dar and Rajesh Balpande.
Juspay was founded, in 2012 by Vimal Kumar and Ramanathan RV, with a vision to enable the billion of people in India with secure 1-click payments on mobile. The mobile payments company’s technology helps companies simplify payments by aggregating different services across net banking, wallets & cards. It also helps merchants improve success rate of payments on the platforms.
The number of transactions on Juspay’s platform has grown from $100K a day to 600K – 700K in last one year.
The company offers two products:
Express Checkout: a SaaS layer on top of payment gateways to simplify integration, improve robustness and ease the management of diverse and rapidly evolving payment options.
JUSPAY Safe: it is focused on improving convenience and security of mobile transactions.
Juspay’s client include companies like Amazon India, Snapdeal, Bookmyshow, Makemytrip, Yatra, Swiggy, Freecharge, Foodpanda, and Jabong.
The company will use the raised capital to build its product.
“The number of steps in the payment process are too much and a lot of times they drop off. On top of these unreliable systems we have created layers which make the process much more smooth,” said Kumar, CEO and co-founder of Justpay. Kumar further added that the company has helped improve success rates of payments by 3-10% for etailers.
India’s largest etailers like Snapdeal get 65% of their orders from tier-II & tier-III cities, with more than 70-80% of orders being placed through smartphones. With low data speeds, platforms like Juspay have started playing a critical role in online payments.
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