SoftBank leads $60 million funding in Juspay, valuation jumps to $460 million
Juspay, a payments technology firm, announced on Wednesday that it had raised $60 million from SoftBank Vision Fund II in a capital round. Existing investors VEF and Wellington Management also participated in the round. SoftBank contributed $50 million to this round, but the rest came from existing investors, according to Vimal Kumar, Juspay’s founder and CEO.
After its portfolio company Paytm went public last month in a poor debut on the stock exchanges, SoftBank has made its first investment in an Indian payments startup. Paytm, based in Noida, received a $1.6 billion investment from SoftBank. SoftBank Vision Fund was in advanced stages of talks to lead the fresh fundraising round in Juspay, ET first reported last month. Juspay has been valued at $460 million following this transaction, up from a previous valuation of roughly $140 million.
“We’ll need to hire and train more personnel for this” (expansion). In an interview with ET, Kumar remarked, “We have over 600 individuals and should get to around 1,000 next year.” He claimed that his team spent three weeks developing the Bhim app using the Unified Payments Interface (UPI).”Juspay has been in the forefront, laying the groundwork by neutrally unifying and enhancing hundreds of different payment solutions. We promote ecosystem developments like UPI and OCEN (Open Credit Enablement Network) by cultivating a rich value-driven culture. “We will be able to scale up our work in India and extend abroad with the help of this investment,” Kumar added.
Juspay, which was founded in 2012, provides merchants with payment processing technologies as well as a variety of other services as more businesses migrate online, particularly in the aftermath of the Covid-19 outbreak. Juspay claims to handle 300 million online transactions each month with a gross value of more than $5 billion, as well as having the most payment SDKs (software development kits) installed on 250 million mobile phones. Juspay’s platform currently processes the majority of mobile payments in India, according to the company. It adds that it conducts roughly 11 million transactions per day.
“In India’s fast-growing digital payments business, Juspay is one of the most inventive deep tech startups. It is addressing the complicated requirements of a burgeoning fintech industry. “We believe in Juspay’s goal to make payments easier for billions of people around the world while also increasing income for merchants at a reduced cost,” said Vishal Gupta, director of SoftBank Investment Advisers.
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