Mobile payments startup, Juspay, has raised Rs 40 crore (approx $5.8Mn) in series A round of funding by VC firm Accel Partners and Bookmyshow founders.
Juspay stated that the funds will be used for the product development. As per a leading media publication, The deal values three-year old Juspay, which also counts India Value Fund partner and former Network18 CEO Haresh Chawla as an angel investor, at over Rs 200 crore. Accel has picked up about 20% stake in the company.
Juspay was founded, in 2012 by Vimal Kumar and Ramanathan RV, with a vision to enable the Bn people in India with secure 1-click payments on mobile. The mobile payments company’s technology helps companies simplify payments by aggregating different services across net banking, wallets & cards. It also helps merchants improve success rate of payments on the platforms.
Juspay’s client include companies like Amazon India, Snapdeal, Bookmyshow, Makemytrip, Yatra, Swiggy, Freecharge, Foodpanda, and Jabong.
The mobile payments company's technology helps companies simplify payments by aggregating different services across net banking, wallets and cards, besides also helping merchants improve success rate of payments on the platforms.
Juspay, which has about 30 workers, has seen the number of transactions on its platform increase to 600,000-700,000 a day now from less than 100,000 a year ago. The platform started operations with redBus and Snapdeal as clients, and now has two products - express check out and one-click browser check out .
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