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SoftBank invests in Indian payment technology platform JusPay

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The investment was made through the SoftBank Vision Fund 2

Japan-based banking giant SoftBank has led the funding round for India-based payment technology platform JusPay in which it raised around $60 million, media reports said. The fundraise has valued JusPay at $640 million.

Other investors besides SoftBank that also participated in the funding round for JusPay include VEF and Wellington Management. The firm processes around 10 million transactions a day, with a gross value of over $5 billion a month. According to the firm, it is looking towards getting at 100 million transactions per day.

Vimal Kumar, the founder and CEO of Juspay told the media, “Juspay has been in the forefront, building foundational infrastructure by unifying and enhancing hundreds of diverse payment options in a neutral way. We believe in ecosystem innovations like UPI and OCEN (Open Credit Enablement Network) and have built a deep value-driven culture to support such initiatives. This funding will help us scale up our mission in India and expand globally.”

Founded in 2012, JusPay has helped improve the user experience for billions of payment transactions for leading merchants like e-commerce giants Amazon and Flipkart.

Over the years, SoftBank has emerged as one of the largest foreign investors in India. So far, it has backed over a dozen startups with substantial funding. Recently, SoftBank also concluded its 15th deal in 2021 in the country as it bought a minority stake in Snapdeal-owned Unicommerce.

Unicommerce provides e-commerce enablement software for multichannel selling, inventory and warehouse management. According to reports, SoftBank has bought around 25-30 percent of the company.

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