Fintech Startup Juspay Revenue Exceeds INR 200 Cr

Juspay is a digital payments platform based in India that offers a variety of payment services including online bill payments, recharge, and, sim card top-ups among others. The platform enables customers to easily make payments with their registered credit or debit card and link their bank account to transfer funds. Juspay also rewards customers with cashback on their purchases with various brands and merchants. It is available as a mobile app on Android and iOS platforms.

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Juspay, backed by SoftBank, hit a milestone by surpassing the INR 200 Cr mark in revenue for the fiscal year ending on March 31, 2023. The financials reflect a significant leap, with operating revenue soaring by 89% to reach INR 213.3 Cr in FY23, compared to INR 112.7 Cr in the preceding fiscal year.

Established back in 2012 by Vimal Kumar and Ramanathan RV, Juspay stands as a pioneer in the digital payments arena, offering a comprehensive software-as-a-service (SaaS) platform for payment gateways. Moreover, the company extends its expertise to developing software tailored for financial institutions, along with providing essential support services like application integration and streamlining business processes.

Juspay caters to a diverse range of sectors including BFSI, ecommerce, travel, fintech, and airlines, ensuring seamless digital transactions and enhancing operational efficiency across industries.

Incorporating additional sources of income, the startup’s total revenue reached INR 236.8 Cr in FY23, showing a 95% increase from INR 121.5 Cr in FY22. Nevertheless, the net loss of the startup rose by 4% to INR 105.7 Cr in the fiscal year under consideration from INR 101.5 Cr in FY22.

Juspay’s expenses increased by 54% to INR 342.5 Cr in the financial year 2023, up from INR 223.1 Cr in the previous fiscal year.

The startup’s rising expenses can be largely attributed to its employee costs, which made up 62% of the total expenses. Juspay’s employee benefit expenses rose by 70% to INR 214 Cr in the year under review, compared to INR 126.1 Cr in FY22.

Juspay’s expenses in the IT department surged by 41%, reaching INR 56 Cr compared to INR 39.6 Cr in FY22. This year, Juspay made headlines by acquiring LotusPay, a software provider supported by Y Combinator, in an all-cash transaction. Just recently, they got the green light from the Reserve Bank of India (RBI) to function as a payment aggregator, marking a significant milestone. Juspay proudly boasts of handling over 100 million transactions every day. With financial backing totaling around $90 Mn, it has garnered support from big names like Accel, VEF, and SoftBank. In the competitive landscape, Juspay rubs shoulders with giants like Razorpay, PayU, Paymate, and MobiKwik.

Juspay, supported by SoftBank, achieves a financial milestone by surpassing INR 200 Cr in revenue for FY23, marking an 89% increase in operating revenue from the previous fiscal year. As a pioneer in digital payments, it provides a comprehensive SaaS platform for payment gateways, catering to diverse sectors. Despite a 95% rise in total revenue, the startup experiences a 4% increase in net loss, attributed to a 54% surge in expenses, predominantly driven by escalating employee costs. Key developments include acquiring LotusPay, obtaining RBI approval as a payment aggregator, and handling over 100 million daily transactions. With substantial financial support, Juspay competes in a landscape alongside major players like Razorpay, PayU, and MobiKwik.