Juspay raises $60 million led by Kedaara Capital to boost global push | Company Business News

Juspay, a payment infrastructure company for enterprises and banks, has secured $60 million as part of its Series D funding round led by Kedaara Capital, with participation from existing investors Softbank and Accel, the company said in a statement.

According to a statement from early investor VEF, an investment company listed in Sweden, it will receive $14.8 million in gross proceeds from a partial stake sale in this round, while retaining a 7.8% ownership in Juspay.

The remaining, close to $45.2 million, is the primary component in the funding round, according to a source close to the development.

The company declined to disclose its valuation or the split between primary and secondary funding in the round.

VEF has invested a total of $21.1 million in the company—leading Juspay’s Series B round in 2020 with a $13 million investment and contributing an additional $8.1 million in its Series C round in 2022.

This follows a time when payment aggregators Razorpay, Cashfree, and PhonePe announced their decision to transition away from third-party orchestration platforms such as Juspay to encourage merchants to use their in-house orchestration services.

Expansion plans

“Juspay aims to use the funds to expand its global footprint across Asia-Pacific, Latin America, Europe, UK and North America,” said Sheetal Lalwani, co-founder and COO of Juspay, in response to Mint’s queries.

Lalwani added that the company also plans to accelerate the growth of its open-source payments orchestration platform, Hyperswitch, and advance its AI capabilities to build innovations aimed at improving workforce productivity and merchant experience.

Founded in 2012, Lalwani, Vimal Kumar, Ramanathan Rv, and Nishant Sameer, Juspay provides full-stack orchestration, checkout experience, 3DS authentication, tokenisation, unified analytics, and value-added services for enterprise merchants, in addition to end-to-end payments acceptance and real-time payments infrastructure for leading banks.

Also read: Razorpay to fast-track India return ahead of global expansion, IPO

Despite the growth, Juspay managed to narrow its losses by 7.8% to ₹97.54 crore from ₹105.75 crore in the previous fiscal.

The SoftBank-backed firm reported a 49.6% jump in revenue to ₹319.32 crore in FY24, up from ₹213.39 crore in FY23. Despite the growth, Juspay managed to narrow its losses by 7.8% to ₹97.54 crore from ₹105.75 crore in the previous fiscal.

Headquartered in Bengaluru, with offices in San Francisco, Sao Paulo, Dublin, and Singapore, Juspay claims to support clients across the globe, processing more than 200 million transactions daily, with over $900 billion in annual total processed volume.

“Their strong tech foundation, open-source approach, and visionary leadership make them a standout. We look forward to supporting Vimal, Sheetal, and the team as they scale a resilient, future-ready platform for leading enterprises and financial institutions,” said Nishant Sharma, founder and managing partner at Kedaara Capital, in the statement.

With this round, the company has raised close to $147 million since its inception in 2021. It last raised $60 million in a Series C funding round led by SoftBank Vision Fund 2 with participation from existing investors VEF and Wellington Management.

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Avendus Capital acted as the exclusive financial advisor to Juspay on this transaction, the company added in the statement.