Bengaluru-based payments infrastructure startup Juspay has raised $60 million in a Series D funding round led by Kedaara Capital, with participation from existing backers SoftBank and Accel. The latest capital infusion comes as the company ramps up investments in artificial intelligence and strengthens its global footprint.
Credits: Business Standard
The funding round, which comprises both primary and secondary components, brings Juspay’s total funding to $88 million across three rounds, according to Tracxn. The latest raise is seen as a validation of the company’s long-term vision in the fast-evolving digital payments landscape.
“We’re excited to partner with Juspay as they revolutionise global payments,” said Nishant Sharma, Founder and Managing Partner at Kedaara Capital. “Their strong tech foundation, open-source approach, and visionary leadership make them a standout.”
Founded in 2012 by Vimal Kumar and Sheetal Lalwani, Juspay has built a robust product suite that includes checkout, authentication, tokenisation, payouts, and unified analytics, and today powers over 200 million transactions daily with a processing volume exceeding $900 billion annually.
With an emphasis on increasing worker efficiency and enhancing the merchant experience, Juspay intends to use the additional funding to advance its AI capabilities. This is consistent with a larger trend in the business where AI is being used more and more for customer support, transaction routing, fraud detection, and operational efficiency.
“We are dedicated to creating genuinely open-source and interoperable payment systems that accommodate the increasing diversity in the payments landscape as we broaden our global reach and push the limits of artificial intelligence,” stated Sheetal Lalwani, co-founder and COO of Juspay.
The company’s open-source payments orchestration platform has been a key differentiator, offering enterprise merchants increased flexibility, transparency, and control over their payments stack.
Juspay has extended its reach to new geographies including Asia-Pacific, Latin America, Europe, the UK, and North America. This global push reflects the growing demand for modular and customizable payment infrastructure, especially in regions where digital commerce is accelerating.
The company’s open-source ethos and developer-first approach have positioned it as a favored partner for large-scale enterprises looking for scalable and resilient payment solutions.
Earlier in February 2024, Juspay secured authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator (PA)—a crucial regulatory nod that allows it to offer end-to-end digital payment services in compliance with RBI norms.
The company reported a 49.6% revenue jump in FY24, posting ₹319.32 crore in revenue, up from ₹213.39 crore in FY23. Additionally, it managed to reduce losses by 10%, a sign of growing operational efficiency even as it scales.
Despite its growth, Juspay has faced headwinds in the form of partnerships being severed by leading Indian fintech players such as Razorpay, Cashfree, Paytm, and PhonePe. These companies have been reportedly nudging their merchants to move away from third-party payment orchestration platforms like Juspay, in a bid to consolidate their own payment flows.
An orchestration platform like Juspay routes transactions to the most optimal banking or aggregator channel to ensure maximum success rates—a service that has become increasingly contentious as large players push for in-house control.
Credits: Mint
With a fresh round of capital, a strengthened regulatory position, and a global market in sight, Juspay appears well-poised for its next phase of growth. The company’s focus on AI, open-source platforms, and interoperability aligns with the evolving needs of merchants and financial institutions worldwide.
As Sheetal Lalwani summed up, “For the past decade, our mission has been to create long-term value across the payments ecosystem. With Kedaara Capital’s support, we’re ready to build a truly resilient and future-ready platform.”
In a world that’s moving fast towards digital-first transactions, Juspay is making a clear bet: intelligent, flexible, and open infrastructure will define the future of global payments.
