Juspay secures USD $50m, hits USD $1.2bn valuation

Payments technology firm Juspay has raised $50 million in a Series D follow-on round led by WestBridge Capital. The transaction values the company at $1.2 billion, solidifying its status as a "unicorn" in the fintech sector.

The round combines primary and secondary investment. Juspay said the secondary portion offers liquidity for early investors and employees who hold stock options. Juspay described it as the second liquidity opportunity for these groups within a year.

The company reported annualised total payment volume above USD $1 trillion. Juspay also said it processes more than 300 million transactions a day.

Juspay operates alongside major enterprises and banks. Its portfolio of customers and partners includes Agoda, Amazon, Flipkart, Google, HSBC, IndiGo, Swiggy, Zepto and Zurich Insurance.

Expansion plans

Juspay said it has a growing presence across Asia-Pacific, the Middle East, Latin America, Europe, the UK and North America. The company did not disclose how it plans to deploy the new capital across those regions.

Juspay described itself as a payments platform with an emphasis on open-source, interoperable and modular infrastructure. It also said it is advancing its use of AI. The company linked that work to workforce productivity and merchant experience.

"Our focus over the last decade has been on solving the core complexities of global payments through first-principles engineering & design," said Sheetal Lalwani, Co-founder and COO, Juspay.

"As we scale globally, we are grateful for the continued trust of our partners. This round reflects our growth and provides liquidity opportunities for our early investors and team members who have been part of this journey. We welcome WestBridge Capital as a partner as we build the next generation of payments infrastructure," said Lalwani.

Investor view

WestBridge Capital said it has USD $7 billion in assets under management. The firm has offices in Bangalore, Silicon Valley and Mauritius. It invests across private and public markets with a focus on India-linked businesses.

"Juspay has consistently demonstrated an ability to stay ahead of the curve by building robust, future-ready technology that powers the world's most demanding payment ecosystems," said Deepak Ramineedi, Partner, WestBridge Capital.

"Our conviction in them stems from their relentless innovation, evolving from a payment orchestration platform to a full-stack UPI platform, and now to a core payments infrastructure provider for banks. Their focus on solving deep-tech problems in payments while maintaining a sustainable, profitable growth trajectory differentiates them in the fintech space. We are truly excited to support Vimal, Sheetal, and the entire Juspay team as they shape the future of global digital commerce," said Ramineedi.

Scale claims

Juspay said it was founded in 2012 and is headquartered in Bangalore. It described itself as a multinational payments technology company serving more than 500 enterprises and banks.

The company also said it operates with more than 1,500 payment specialists. Juspay listed San Francisco, Dublin, São Paulo, Singapore and Dubai among its locations.

Juspay said its platform runs with 99.999% reliability. It did not provide details of how it calculates that figure or the period of measurement.

For WestBridge, the deal adds to a portfolio that it said includes Rapido, Meesho, Physics Wallah, Star Health and IndiGo Airlines. Juspay and WestBridge did not disclose any further financial terms of the investment.

The companies said Juspay will continue to scale its payments infrastructure offering in international markets following the completion of the funding round.