Bengaluru-based payments infrastructure startup Juspay has officially entered the unicorn club, becoming India’s first unicorn of 2025 after raising $60 million in a Series D funding round.
The round was led by Kedaara Capital, with continued backing from SoftBank and Accel, and included both primary and secondary investments.
Even though the raise didn’t hit the $150M target, it took Juspay past the $1 billion valuation threshold.
The funding will help Juspay build AI tools to automate tasks, improve merchant services, and upgrade payment systems. The company is also expanding globally across Asia-Pacific, Europe, North America, Latin America, and the UK.
“For the past decade, Juspay’s mission has been to create long-term value across the payments ecosystem—supporting merchants, banks, networks, and, by extension, the billions of users they serve,” said Sheetal Lalwani, Co-founder and COO of Juspay.
Founded in 2012 by Vimal Kumar and Ramanathan RV, Juspay offers payment orchestration, checkout experiences, authentication services, and infrastructure for enterprise merchants and banks.
Last month, the company open-sourced its payment orchestrator platform, Hyperswitch, giving merchants full control to host and integrate diverse payment options.
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Juspay faced challenges when partners such as PhonePe, Razorpay, Paytm, and Cashfree ended their ties over conflict claims, which the company denies.
Despite this, Juspay’s revenue grew by 50% in FY24 and its losses dropped by 8%, showing strong resilience.
