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Juspay Set to Become the First Unicorn of 2025 with $150 Million Funding Round

Juspay

Fintech infrastructure firm Juspay is on the cusp of a milestone, poised to become the first unicorn of 2025. The company is in advanced stages of raising $150 million in its latest funding round, led by Kedaara Capital, with participation from WestBridge and SoftBank. The funding round values Juspay at approximately $1 billion, cementing its position as a unicorn—a term reserved for startups with valuations exceeding $1 billion.

Founded in 2012 by Vimal Kumar and Sheetal Lalwani, Juspay has established itself as a leader in payment orchestration software. The company’s innovative solutions have set benchmarks in the fintech sector. For instance, when the National Payments Corporation of India (NPCI) needed a unified payments interface (UPI) app, it turned to Juspay to develop BHIM. The firm’s OTP-read software revolutionized the checkout experience for mobile apps on e-commerce platforms, and Juspay continues to manage critical payment orchestration for multiple UPI apps.

Despite intensifying competition in the payments space—where major players like Razorpay, PhonePe, and Cashfree have moved away from payment orchestration platforms—Juspay remains a preferred partner for many.

Juspay’s financial performance has been robust, with operating revenue growing nearly 50% in the fiscal year ended March 2024. The company reported revenues of ₹319.32 crore for FY24, up from ₹213.39 crore in FY23, marking an impressive 49.6% growth. Additionally, it managed to reduce losses by 10% during the same period.

A significant milestone for the company came in February 2024, when Juspay received authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA). This move not only enhanced its service portfolio but also strengthened its position in the fintech ecosystem.

Juspay’s latest funding round brings its total capital raised to over $237 million. The company previously secured $60 million in a Series C round in 2021, led by SoftBank Vision Fund 2, with participation from VEF and Wellington Management. The new investment underscores investor confidence in Juspay’s business model and growth trajectory.

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