Payments startup Juspay Technologies, backed by SoftBank, managed to reduce its losses in FY24 while its revenue grew faster than its expenses. The company’s total losses dropped by 7.76%, from ₹105.75 crore in FY23 to ₹97.54 crore this year. According to financial statements filed with the Registrar of Companies, Juspay’s revenue from operations jumped by nearly 50%, reaching ₹319.32 crore, up from ₹213.39 crore the previous year.
Most of Juspay’s revenue came from payment platform integration fees, which brought in ₹286.52 crore. Another ₹32.80 crore came from additional services like product implementation and support. The company’s total expenses rose by 29.52% to ₹443.74 crore, largely driven by higher employee costs. Spending on employee benefits went up by 41.73% to ₹303.36 crore, while other expenses increased slightly by 3.56% to ₹123.76 crore.
About Juspay and Recent Growth
Founded in 2012 by Vimal Kumar and Ramanathan RV in Bengaluru, Juspay builds payment solutions that enhance the efficiency of traditional payment gateways. The startup, which has backing from Accel, also launched Namma Yatri, a ride-hailing app focusing on affordable and accessible mobility. Built on the Beckn Protocol and aligned with the Open Network for Digital Commerce (ONDC), Namma Yatri aims to make ride-hailing affordable and widely accessible. Recently, Juspay decided to make Namma Yatri an independent entity to attract additional investors and fuel further growth.
In February, Juspay acquired LotusPay in an all-cash deal to enhance its services for banks and merchants in the BFSI sector. LotusPay, founded in 2016, specializes in cloud-based software for recurring payments, such as loans, insurance, and subscriptions, using NPCI’s NACH Debit technology.
