Juspay raised $50 Mn (around INR 415 Cr) in its Series D follow-on funding round at a valuation of $1.2 Bn
The startup raised the funds from WestBridge Capital in a mix of primary and secondary capital
Prior to this round, the startup was valued at about $900 Mn, sources told Inc42.
Fintech startup Juspay
has raised $50 Mn (around INR 415 Cr) in its Series D follow-on funding round at a valuation of $1.2 Bn, making it the first unicorn of 2026.
The startup raised the funds from WestBridge Capital in a mix of primary and secondary capital. Juspay said the secondary component of the transaction provided liquidity to early investors and employees holding ESOPs.
Juspay said it would use the fresh capital to drive global expansion. Currently, it has a presence across Asia-Pacific, Middle East, Latin America, Europe, UK, and North America.
Prior to this round, the startup was valued at about $900 Mn, sources told Inc42. It last raised $60 Mn in its Series D round led by Kedaara Capital, with participation from existing investors SoftBank and Accel, in April last year.
Juspay has now become the 127th unicorn of the country.
Founded in 2012 by Vimal Kumar, Sheetal Lalwani, and Ramanathan RV, Juspay offers end-to-end enterprise payment solutions, including payment orchestration, payment infrastructure, and complete UPI stack. It claims to process more than 300 Mn daily transactions, exceeding an annualised total payment volume (TPV) of $1 Tn.
It counts the likes of Agoda, Amazon, Flipkart, Google, HSBC, IndiGo, Swiggy, Zepto, Zurich Insurance, among its clients.
On the financial front, Juspay turned profitable last fiscal year. It posted a net profit of INR 62.3 Cr in FY25 as against a loss of INR 97.5 Cr in the previous fiscal year. Operating revenue jumped 61% to INR 514.3 Cr from INR 319.3 Cr in FY24.
During its previous fundraise, Juspay said it was bullish on fuelling its AI capabilities and driving innovations to boost workforce productivity and merchant experience.
Last year, Juspay faced several challenges, with many of its fintech clients like PhonePe, Razorpay, Cashfree and Paytm discontinuing integrations with the startup. Juspay used to provide payment orchestration to these fintech giants.
However, in February 2024, the Reserve Bank of India (RBI) granted Juspay a payment aggregator (PA) licence and the company launched its PA service, HyperPG. This is the same type of licence that fintech giants now hold to legally collect and settle payments on behalf of merchants.
This left the fintech companies concerned that Juspay could poach their customers. However, back then, Lalwani told Inc42 that the fintech companies’ move would not have any major impact on Juspay’s top line.
