Fintech infrastructure firm Juspay is on track to become the first unicorn of 2025, targeting a valuation of over $1 billion in its latest funding round. The round, nearing closure, is led by Kedaara Capital with participation from WestBridge and SoftBank, sources said. If successful, the company’s valuation will represent a near 100% premium from its previous $478 million valuation in December 2021, when it raised $60 million in Series C funding.
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The funding comes at a time when the company faces heightened competition in the payments space. Major payment gateways such as PhonePe, Razorpay, and Cashfree have recently severed ties with third-party orchestration platforms like Juspay, opting instead to work directly with online merchants. Despite this, Juspay maintains its dominance, commanding nearly 90% of the payment orchestration market and processing approximately 175 million transactions daily for 1,200 major digital businesses.
Founded in 2012 by Vimal Kumar and Sheetal Lalwani, Juspay has cemented its reputation as a key player in payment orchestration. Notably, it developed the BHIM app for the National Payments Corporation of India and introduced innovative solutions like its OTP-read software, simplifying mobile checkouts for e-commerce platforms. Last year, Juspay launched Hyperswitch, an open-source payment orchestration platform targeting small and medium-sized businesses in Europe and the US, with plans to expand this service to India.
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The company’s financial performance has been improving. In FY24, Juspay reported revenues of Rs 319.32 crore, up 49.6% from Rs 213.39 crore in FY23, while reducing losses by 10% to Rs 97.5 crore. It also secured a payment aggregator licence from the Reserve Bank of India in February 2024.
With the upcoming $150 million funding round, Juspay will surpass $237 million in total funding.
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