JusPay Nears Unicorn Status With $150 Million Fundraise

In an exciting turn of events, JusPay, the SoftBank-backed fintech infrastructure firm, is on the brink of achieving a remarkable milestone. The company, which has been a key player in India’s payment ecosystem, is reportedly set to raise $150 million, pushing it towards a $1 billion valuation and marking its entry into the exclusive unicorn club. This makes JusPay one of the first startups in 2025 to reach this coveted status, a feat that many in the industry believe is just the beginning of the company’s ascent.

But what does this mean for JusPay, the fintech sector, and the larger Indian startup ecosystem? TICE takes a deeper dive into the company’s journey, its rise to prominence, and what the future holds as it crosses the billion-dollar threshold.

JusPay Unicorn Soon?

According to a report from MoneyControl, the fresh funding round will see participation from notable investors like SoftBank and WestBridge, who have already shown significant confidence in JusPay’s potential. This new round brings JusPay’s total funding raised to over $237 million, with $60 million raised during a Series C round in 2021, led by SoftBank Vision Fund 2.

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The valuation of the company in this round is pegged at $1 billion, cementing JusPay’s place as one of India’s most promising fintech players. The $150 million infusion will propel JusPay to new heights, fueling its next phase of growth as it expands its reach across the payments landscape.

The Exodus of Payment Gateways: A Strategic Pivot for JusPay

The news of JusPay’s fundraise comes amidst a significant shift in the payment gateway space. Companies like PhonePe, Razorpay, and Cashfree have all severed ties with JusPay’s payment orchestration platform, opting instead to establish direct integrations with merchants.

This strategic move allows these companies to have full control over their relationships with merchants, including access to crucial client data and compliance, which in turn enables them to scale payment solutions more effectively. With this shift, these companies can reduce downtime and streamline their operations to enhance merchant experience.

For JusPay, however, this change signals a new chapter. Last year, JusPay received the much-awaited license from the Reserve Bank of India (RBI), granting it the authority to operate directly as a payment aggregator (PA), competing head-to-head with the likes of PhonePe and Razorpay. This shift was inevitable as the company’s long-term investment in payment processing technology has started to bear fruit, allowing JusPay to offer services that go beyond traditional payment gateways.

JusPay’s Core Value Proposition: More Than Just a Payment Gateway

Despite losing partnerships with some of the major players in the payment gateway space, JusPay has remained undeterred. The company has built a strong reputation among merchants, who continue to trust JusPay’s payment orchestration software. JusPay’s co-founders, Sheetal Lalwani and Vimal Kumar, have always emphasized that the company doesn’t rely on payment gateways for its revenue. Instead, they provide value directly to merchants through their software, which makes payments operations smoother and more efficient.

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In their own words, “Merchants pay us for our software because it delivers value to them. We do not rely on PGs for this money...For the past 12 years, we've formed deep connections with prominent merchants, serving as their extended payments teams, delivering technology to ease payments operations, extensive payment domain expertise, and partnering on long-term ecosystem efforts.”

This long-term, strategic vision has been one of the key reasons behind JusPay’s success. Over the years, it has not just been a payment processing company; it has positioned itself as an essential technology partner for merchants, helping them navigate the increasingly complex world of digital payments.

JusPay’s Financial Performance

Founded in 2012 by Vimal Kumar and Sheetal Lalwani, JusPay quickly became one of the leading providers of payment orchestration software in India. Its solutions cater to a wide range of businesses, helping them streamline their payment processes and improve efficiency.

The company’s strong financial performance in the fiscal year 2023-24 further highlights its success. JusPay reported a significant 49% increase in its operating revenue, reaching Rs 319.32 crore for FY24, up from Rs 213.39 crore in FY23. This growth underscores JusPay’s ability to generate sustainable revenue, even in the face of a rapidly evolving and competitive payments market.

The Road Ahead: What’s Next for JusPay?

As JusPay prepares to become one of the first unicorns of 2025, the question on everyone’s mind is: What’s next for this fintech powerhouse? With its recent funding and the backing of industry giants like SoftBank, JusPay is poised to scale new heights in the payment technology space.

The company’s growth trajectory indicates that it will continue to innovate, offering more advanced solutions that simplify payments for businesses and consumers alike. As it transitions to becoming a full-fledged payment aggregator, JusPay’s focus will likely shift toward expanding its merchant base and further enhancing its software capabilities to support the growing demands of the digital economy.

Moreover, with the increasing global push for digital payments and financial inclusion, JusPay is well-positioned to tap into international markets, potentially bringing its solutions to a broader audience beyond India. The company’s expertise in payment orchestration and its new capabilities as a payment aggregator will enable it to compete with other global players in the space.

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JusPay’s Impact on India’s Fintech Landscape

JusPay’s rise to unicorn status is a testament to the company’s resilience and vision. As the payment gateway landscape continues to evolve, JusPay’s strategic pivot and strong market position make it a frontrunner in India’s fintech revolution.

For entrepreneurs and startups looking to carve a niche in the ever-competitive fintech space, JusPay’s journey offers valuable lessons in innovation, adaptability, and long-term vision. With its eyes set on global expansion, JusPay’s story is one of growth, transformation, and the relentless pursuit of excellence in an industry that’s shaping the future of payments across the world.

As JusPay nears its unicorn milestone, it’s clear that the company’s journey is far from over. The future of payments in India—and beyond—looks bright with JusPay leading the charge.

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