Indian paytech Juspay secures $60m in Series C funding round

Indian paytech Juspay Technologies has landed $60 million in a Series C funding round led by SoftBank Vision Fund 2.

Juspay CEO Vimal Kumar

The round also saw participation from existing investors VEF and Wellington Management.

Juspay CEO Vimal Kumar says the new cash injection will be used to develop adjacent payment products and will enable the company to scale up and expand across India and into other global markets.

The Bangalore-based firm says it processes 11 million transactions a day in India through its payments operating system infrastructure for leading merchants including Amazon and Flipkart.

Kumar says Juspay’s foundational infrastructure has unified hundreds of diverse payment options.

“We believe in ecosystem innovations like UPI (Unified Payments Interface) and OCEN (Open Credit Enablement Network) and have built a deep value-driven culture to support such initiatives.”

UPI is a real-time payment system developed by the National Payments Corporation of India that facilitates inter-bank peer-to-peer and person-to-merchant transactions.

Juspay was one of the earliest proponents of UPI and the firm provides a suite of UPI products for merchants, banks and ecosystem players.