Bengaluru-based Juspay raises $60 million led by PE firm Kedaara Capital

Juspay, a Bengaluru-based payments infrastructure startup, has raised $60 million in a Series D funding round led by private equity firm Kedaara Capital.

The round comprised both primary and secondary transactions and saw participation from returning investors SoftBank and Accel. Reportedly, its early investor, VEF, partially exited, securing $14.8 million in gross proceeds while retaining a 7.8% stake.

What does Juspay do?

Founded in 2012, Juspay provides payment technology solutions for banks and large enterprises, including orchestration, checkout, tokenization, 3DS authentication, real-time payment infrastructure, and unified analytics.

The startup claims that it processes more than 200 million transactions a day and reports an annual processed volume of over $900 billion

“For the past decade, Juspay's mission has been to create long-term value across the payments ecosystem—supporting merchants, banks, networks, and, by extension, the billions of users they serve,” said Sheetal Lalwani, Co-founder and COO of Juspay.

“Today, as we expand our global footprint and push the boundaries of AI, we remain committed to building truly open source and interoperable payment systems that embrace the growing diversity in the payments landscape.”

Purpose of fundraising

Juspay said the new capital will be used to accelerate the development of its open-source payments orchestration platform, Hyperswitch, and advance its AI capabilities aimed at improving merchant experience and operational efficiency.

“We’re excited to partner with Juspay as they revolutionize 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. We look forward to supporting Vimal, Sheetal, and the team as they scale a resilient, future-ready platform for leading enterprises and financial institutions.”

Expansion plans and financial performance

The startup is planning to scale its international presence, with ongoing expansion across Asia-Pacific, Europe, Latin America, the UK, and North America. This global push comes amid increased demand for open, modular infrastructure in the highly fragmented payments ecosystem.

Juspay reported revenue of Rs 319.3 crore in FY24, up nearly 50% from Rs 213.4 crore the previous year. Losses narrowed slightly to Rs 97.5 crore, a 7.8% reduction from FY23. 

It now operates across multiple geographies with offices in San Francisco, São Paulo, Dublin, and Singapore. In addition to merchant services, Juspay functions as a technology service provider (TSP) for real-time payment infrastructure, supporting several Indian and international financial institutions.

Including the current round, Juspay has raised nearly $147 million to date. Its previous funding round—another $60 million Series C—was led by SoftBank Vision Fund 2, with participation from VEF and Wellington Management.

Avendus Capital served as the exclusive financial advisor to Juspay for the latest transaction.