Juspay, an Indian-based digital payments platform, offers various services such as online bill payments, recharges, and SIM card top-ups. It facilitates easy payments through registered credit/debit cards and bank account linking, while also providing cashback rewards for purchases from different brands and merchants. Juspay is accessible via mobile apps on both Android and iOS platforms.
Financial Achievements and Growth
Backed by SoftBank, Juspay reached a significant milestone, surpassing INR 200 Cr in revenue for the fiscal year ending March 31, 2023. This achievement saw a substantial leap with operating revenue increasing by 89% to INR 213.3 Cr in FY23 compared to INR 112.7 Cr in the previous fiscal year.
Founding and Services
Established in 2012 by Vimal Kumar and Ramanathan RV, Juspay is a pioneer in the digital payments domain, offering a comprehensive Software-as-a-Service (SaaS) platform for payment gateways. Additionally, the company extends its services to developing tailored software for financial institutions and providing support services such as application integration and business process optimization.
Juspay caters to various sectors including BFSI, e-commerce, travel, fintech, and airlines, ensuring smooth digital transactions and enhancing operational efficiency across industries.
Financial Performance and Analysis
Expanding revenue sources, Juspay’s total revenue reached INR 236.8 Cr in FY23, indicating a 95% increase from INR 121.5 Cr in FY22. However, the startup witnessed a 4% rise in net loss to INR 105.7 Cr in the fiscal year under review compared to INR 101.5 Cr in FY22.
Juspay’s expenses surged by 54% to INR 342.5 Cr in FY23 from INR 223.1 Cr in the previous fiscal year.
Strategic Moves and Regulatory Milestones
The startup saw a 41% increase in IT department expenses, reaching INR 56 Cr compared to INR 39.6 Cr in FY22. Notably, Juspay acquired LotusPay, a Y Combinator-backed software provider, in an all-cash deal. It also obtained approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, a significant regulatory milestone.
Juspay boasts of handling over 100 million transactions daily and has garnered financial backing of around $90 Mn from prominent investors including Accel, VEF, and SoftBank. In a competitive landscape, Juspay competes with industry giants like Razorpay, PayU, Paymate, and MobiKwik.
