Juspay received INR 40 Crores funding from Accel Partners

India: Juspay, a Bangalore-based mobile payment company has been funded by Accel Partners. The start-up raised the Series-A funding and according to the sources the investment amount is around INR 40 Crores and Accel Partners had acquired stakes of 20% in the company. The funds will be utilized for developing the product.

Juspay was founded in the year 2012 by Vimal Kumar, ex-amazon engineer and Ramanathan RV. In 2014, the company onboard Sheetal Lalwani, who was working as a Bloomberg executive.

The company has two products – Juspay Safe which is a mobile payments browser for secure mobile transactions; and Express Checkout which is a payment gateway booster. Juspay’s Express Checkout is a Software-as-a-Service application to the payment gateways to simplify integration and the management of multiple payment options prevailing in the Indian market.

The company offers its services to the merchant to help them aggregate various payment options such as net banking, mobile wallets, credit & debit cards, etc. along with improving the success rate of payment on the payment platforms.

The company has acquired the huge client base in the Indian market and have country’s key e-commerce players such as Makemytrip, Swiggy, Amazon India, Snapdeal, Bookmyshow, Freecharge, Foodpanda, Jabong, and Yatra to name a few.

Juspay has registered a tremendous growth as the company is supporting more than 600-700 thousand transactions in a day which was only 100 thousand a year earlier.

The start-up has the head count of 30 people.

According to market research and consulting firm TechSci Research, the electronic payment ecosystem is evolving in the country and investors are funding start-ups which are providing innovative solutions to the e-transaction market, to support these start-ups in product development, increase geographical reach, expand business operations, and so on.

With the emergence of multiple payment options such as Net-banking, card payment along with the growing mobile wallet payment option integration on the merchant website and application, the merchants are looking for solutions which can speed-up the payment process for ease and convenience of the customer.

Indian market is witnessing that more and more consumers are adopting mobile wallets and these wallets have become an integral part of their e-shopping. A recent report published by TechSci Research “India Mobile Wallet Market Forecast and Opportunities, 2020”, depicts that the mobile wallet market in India is forecast to reach US$ 6.6 billion by 2020. Mobile wallet market in India is surging on account of growing online transactions, rising trend towards mobile banking, and ease of usage of mobile wallet applications.