This is the first investment from SoftBank in an Indian payments firm after its portfolio firm
went public last month in what was
a disappointing debut on the bourses. SoftBank had invested around $1.6 billion in Noida-based Paytm. Last month, ET first reported that
SoftBank Vision Fund was in advanced stages of talks to lead the new funding round in Juspay. Post this funding, Juspay has been valued at $460 million compared to its previous valuation of around $140 million.
Bengaluru-based Juspay plans to use the new capital to invest in its technology and product development to scale its business in payments and product adjacencies like credit – both in India and globally.
“We will need to hire more people and train them for this (expansion). We have around 600 people and should get to around 1,000 next year,” Kumar said in an interaction with ET. He said his team was involved in building the Bhim app on Unified Payments Interface (UPI) in a matter of three weeks.
“Juspay has been in the forefront, building foundational infrastructure by unifying and enhancing hundreds of diverse payment options in a neutral way. We believe in ecosystem innovations like UPI and OCEN (Open Credit Enablement Network) and have built a deep value-driven culture to support such initiatives. This funding will help us scale up our mission in India and expand globally,” Kumar added.
Started in 2012, Juspay offers payments processing technology to merchants and is also building a host of other services as more businesses go online, especially post the Covid-19 pandemic. Juspay said it sees 300 million online transactions per month with gross value of over $5 Billion along with having the highest number of payment SDK (software development kit) installed across 250 million mobile phones. Today, the bulk of mobile payments in
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Today, the bulk of mobile payments in India go through Juspay’s platform, the company said. It processes around 11 million transactions per day, it added.
“Juspay is one of the most innovative deep tech companies in India’s fast-growing digital payments market. It is solving the complex needs of an evolving
ecosystem. We believe in Juspay’s vision to simplify payments for billions of people globally and deliver higher revenue at a lower cost for merchants,” said Vishal Gupta, director, SoftBank Investment Advisers.