India’s digital payments journey is incomplete without Juspay, a company that has quietly built the infrastructure behind billions of UPI and card-based transactions. Founded in 2012, Juspay’s growth is a masterclass in scaling deep-tech products that power the financial plumbing of India’s internet economy.
🔍 1. Financial Snapshot (FY24)
- Revenue: ₹347.64 Cr
- PAT: ₹-97.54 Cr
- Employee Count (Mar 2025): 1,027
Despite scaling revenue 39x over the last seven years, Juspay remains in the red, with a FY24 loss of ₹97.54 Cr — underlining the operational complexity and investment intensity of core fintech infrastructure businesses.
💡 2. What Does Juspay Do?
Juspay is known for:
- Juspay Safe: World’s first mobile payments browser
- Express Checkout: A tool to optimize and boost gateway performance
- 2FA Auth SDK: India’s most widely used second-factor authentication module
- UPI Infra: Contributed to BHIM 1.0, India’s official UPI app
- Clients: Amazon, Swiggy, BookMyShow, MakeMyTrip, Yatra, Snapdeal, etc.
This product stack handles 22 million transactions per day, often invisible to consumers, but essential to the internet economy.
📊 3. Revenue & Expense Trends
🔺 Revenue Breakdown (FY24 vs FY23)
- Operational Revenue: ₹319.32 Cr (up from ₹213.39 Cr)
- Other Income: ₹28.32 Cr
- Growth is primarily driven by core products, with a 50% YoY jump in operating revenue.
🔻 Expense Breakdown
- Total Expenses (FY24): ₹443.74 Cr
- Key Increase: Employee benefit expense (₹303.36 Cr vs ₹214.04 Cr in FY23)
- This suggests heavy investment in product, engineering, and operations talent to support scale.
💸 4. Funding and Valuation History
Juspay has raised over ₹1,320 Cr since 2015:
- Series A–D + multiple seed and secondary rounds
- Series D (Apr 2025): ₹515.1 Cr (Valuation undisclosed)
- Last known valuation (Series C, Dec 2021): ₹2,899 Cr
Early investors like Accel and SoftBank, and growth-stage capital from VEF and Wellington reflect trust in the company’s long-term infra-led play.
📈 5. Shareholding Structure
- Founder Vimal Kumar: 24.14%
- RV Trust: 19.13%
- Accel: 14.65%
- SoftBank: 12.96%
- VEF: 12.18%
A healthy balance of founder skin-in-the-game and top-tier institutional backing, indicating maturity and governance depth.
🧑💻 6. Headcount Growth — A Proxy for Scale
From just 56 employees in Dec 2016 to 1,027 in Mar 2025, Juspay’s 18x workforce growth mirrors the rapid product expansion. Over 50% of this growth occurred post-2021, aligning with their deeper push into checkout orchestration, risk scoring, and SDK integrations across India’s top apps.
🧠 Conclusion: Infrastructure is Invisible — Until It Fails
Juspay’s story is not just one of scale, but of resilience. It powers millions of transactions that most users never see, but every merchant relies on. As India deepens its UPI and digital commerce footprint, Juspay is quietly becoming the Stripe of India—only more embedded, more trusted, and deeply Indian.