India: Juspay raises $21.6m led by Sweden’s Vostok Emerging Finance

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Juspay Technologies Pvt. Ltd, which operates a payments technology platform, has raised $21.6 million in a Series B financing round led by Swedish investor Vostok Emerging Finance (VEF).

VEF alone has invested $13 million in the technology firm, marking its first investment in the country. As part of the transaction, VEF has acquired a minority stake and board representation in the company.

The round was joined by Boston-based Wellington Management, alongside existing investors, Accel, per a statement on Tuesday.

“This funding will help us invest in cutting edge R&D, to deepen our market presence in India and also take our inventions to the rest of the world,” Juspay founder and CEO, Vimal Kumar said.

“The next 10 years will see an exponential growth in digital transactions as software is eating the world, radically changing our everyday lives. The fin-tech infrastructure needs an overhaul and India is leading the way here with next-gen protocols like UPI, mandatory 2FA and measures to drastically reduce the cost of a transaction.”

Founded by Kumar and Ramanathan RV in 2012, Juspay is focused on creating a unifying layer of products and value-added services to improve conversion rates for merchants and other stakeholders in the payments value chain.

The company claims to have seen more than 200 million downloads of its software development kit (SDK), and that it has facilitated more than $10 billion of annualised payment volume for some of India’s largest merchants including Amazon, Flipkart, Uber, Swiggy, Ola and Cred.

“The public payment infrastructure in India is unlike any we have encountered globally and is fast becoming a benchmark for other emerging countries. As is typical at VEF, we have been tracking the team and progress for a long time before making this, our first investment into India. We see huge growth potential in the business driven by the first principle innovation that is part of Juspay’s DNA and the general digitisation of the Indian economy,” Vostok Emerging Finance Investment Partner, Alexis Koumoudos said.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.