JusPay secures USD 60 million in a funding round led by SoftBank
Author : Pankaj Singh | Published Date : 2021-12-16
India’s leading payment technology startup JusPay has reportedly raised USD 60 million in a funding round led by SoftBank Vision fund II.
Sources state that SoftBank put in USD 50 million in the funding round while the remaining amount has been contributed by existing investors including Wellington Management and VEF.
For the record, JusPay will use the funds to invest in technology and product development to expand its payments business and adjacencies such as credit services in India and around the world.
Incidentally, sources claim that SoftBank Vision Fund had been in talks with JusPay to lead a new fundraising round since last month.
With the latest funding, JusPay is anticipated to be valued at USD 460 million, up from roughly USD 140 million previously. The company has raised about USD 88 million in the current round so far.
Vimal Kumar, Founder & CEO of JusPay, was reportedly quoted saying that the firm needs to hire and train more people to keep pace with the expansion. The firm currently has 600 people and expects to have a headcount of 1000 employees by next year.
Kumar also stated that JusPay has been on the frontline, laying the groundwork by unifying and enhancing hundreds of different payment solutions. The organization believes in ecosystem innovations such as OCEN (open credit enablement network) and UPI and has developed a strong value-driven culture to support them.
For the uninitiated, JusPay was founded in 2012 and provides merchants with payment processing technologies. It is also developing a host of other services as more companies go online, particularly in the aftermath of the Covid-19 outbreak.
On the other hand, this is SoftBank’s first investment in an Indian payments startup after portfolio company Paytm went public in November in a mediocre debut on stock exchanges. Notably, Noida-based Paytm had received a USD 1.6 billion investment from SoftBank.
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Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
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