Indian Fintech Juspay Raises $60 Million in Series D Funding to Advance Global Expansion and AI Technology
Indian payments orchestration platform Juspay has successfully raised an impressive $60 million in its latest Series D funding round, which included both primary and secondary investments. This funding marks a significant milestone for the company as it looks to enhance its technology and expand its reach across global markets.
The funding round was spearheaded by Kedaara Capital, with substantial participation from existing investors such as SoftBank and Accel. These investments reflect the growing confidence in Juspay's innovative approach to payments orchestration and its potential to revolutionize the financial services landscape.
Notably, Avendus Capital played a critical role as the exclusive financial advisor to Juspay during this fundraising effort, showcasing their expertise in navigating complex investment landscapes.
Juspay is focused on advancing its artificial intelligence (AI) capabilities, aiming to boost workforce productivity while enhancing the merchant experience within its payment ecosystem. The company has been actively working to solidify its presence on a global scale, currently operating across diverse regions, including the Asia-Pacific, Latin America, Europe, the United Kingdom, and North America.
The company's open-source payments orchestration platform lies at the heart of its growth strategy. This platform is tailored to provide merchants with a modular, interoperable solution, offering enhanced control over their payments infrastructure. This strategic focus allows merchants to customize their payment processes, thereby improving efficiency and adaptability in a rapidly evolving market.
Since its establishment in 2012, Juspay has emerged as the preferred technology service provider for numerous merchants and banks worldwide. The company offers a comprehensive suite of services, which includes full-stack orchestration, a streamlined checkout experience, 3DS authentication, tokenization, unified analytics, and various value-added services specifically designed for enterprise merchants. Additionally, Juspay facilitates payments acceptance and real-time payments infrastructure for banking institutions.
Currently, Juspay processes an astounding over 200 million transactions daily and manages an annual total processed volume exceeding $900 billion, according to their latest release. This impressive volume underscores Juspay's pivotal role in the global payments landscape.
Juspay's co-founder and COO, Sheetal Lalwani, expressed his enthusiasm about the funding, stating, âFor the past decade, Juspayâs mission has been to create long-term value across the payments ecosystemâsupporting merchants, banks, networks, and, by extension, the billions of users they serve.â He further emphasized the companyâs commitment to fostering open-source and interoperable payment systems that reflect the diverse nature of the payments landscape.
Lalwani also welcomed Kedaara Capital, noting that their extensive experience will be invaluable as Juspay enters a new phase of growth. However, it is worth mentioning that Juspay has faced recent challenges, including the dissolution of alliances with major payment providers such as Paytm, PhonePe, Razorpay, and Cashfree over the last few months.
In a strategic move to further enhance its offerings, Juspay launched the open-source modular payments platform Hyperswitch last month in the United States, Europe, and the United Kingdom. This initiative underscores the company's dedication to innovation and adaptability in a competitive market.
