Payments technology platform Juspay has scooped up $60 million in its Series C round led by SoftBank Vision Fund 2 with participation from existing investors VEF and Wellington Management. The Bengaluru-based startup had raised $21.6 million in its Series B round in April last year.
Juspay intends to invest its maiden fund raise in 2021 towards strengthening technology and product development capabilities, said the company in a press statement. It also eyes to scale and expand payments and ancillary verticals in India and overseas.
While the company didn’t disclose its valuation, JusPay has recorded more than three-fold growth in its valuation from $140 million in the previous to $460 million in the current round, according to media estimates.
Juspay offers end-to-end payments processing technology to merchants and is working behind offline payments solutions. Its flagship products include Juspay Safe, HyperSDK, Express Checkout and UPI in a Box.
The company claims to process 300 million online transactions per month with a gross transactions value of over $5 billion and has the highest number of payment SDKs installed across 250 million mobile phones.
The Vimal Kumar-led company was also the key development contributor of BHIM, GeM SAHAY and Nandan Nilekani’s Beckn.
Earlier this month, SoftBank founder Masayoshi Son had said that the firm is the biggest foreign investor in India and has already put in around $14 billion in the past decade. According to Son, SoftBank is the provider of 10% of this year’s unicorn fundings.
As per Entrackr’s data, SoftBank has put bets in around a dozen startups in 2021 including Unacademy, Flipkart, Ola electric, Meesho and Swiggy among others. The Japanese investor heavyweight has helped five more startups to achieve unicorn status. The list includes OfBusiness, Eruditus, Zeta, Meesho and Mindtickle.