Juspay, co-founded by Sheetal Lalwani and established in India in 2012, addresses the challenges of digital payments by building infrastructure that scales, meets regulations, and provides a smooth user experience. The company primarily serves large online businesses, such as Amazon, Google, and Swiggy, by managing their entire payment stack, including custom checkout journeys, integration with multiple providers, smart routing, compliance, and analytics. Juspay processes approximately 200 million payment transactions per day in India, supporting both global companies and major Indian platforms.
The genesis of Juspay stems from India's 2011 mandate for two-factor authentication in digital payments, which, while enhancing security, made transactions more cumbersome. Juspay's initial focus was to make this authentication seamless, a principle that continues to guide its product development. Over time, it evolved into a full-stack payments platform, offering services from checkout design and orchestration to routing logic, compliance, and analytics. The company has also been instrumental in building key components of the UPI authentication layer.
Juspay is expanding into new markets like the US and Europe, leveraging open source to build trust quickly and credibly. Its open-source payments platform, Hyperswitch, offers businesses control and visibility, moving away from opaque systems. The company's financial performance shows a trimming of net loss by 7.7% to $11.6 million (INR 97.54 Cr) in FY24, with operating revenue surging 49% to $38.09 million (INR 319.32 Cr). Juspay expects to achieve adjusted EBITDA profitability in FY25, with revenues projected at $61.35 million (Rs 514 crore) and profit after tax of approximately $7.39 million (Rs 62 crore) for FY25.
Juspay's revenue model is based on enterprise contracts tied to transaction volume and specific optimization services, with 80% of its revenue coming from payment routing. Despite competition, especially after obtaining a payment aggregator license from the Reserve Bank of India, Juspay maintains a leading position, processing over 175 million transactions daily and surpassing an annualized Total Payment Volume (TPV) of $670 billion. The company has raised approximately $161 million across five funding rounds and was valued at $1.2 billion as of January 2026.
Sheetal Lalwani, co-founder and COO, emphasizes that international expansion is key to unlocking growth for Juspay, while India remains a core engine. The company has openly stated that its focus remains on being a payment orchestrator rather than prioritizing its payment aggregator business, to alleviate concerns among other fintechs. To further transparency and merchant control, Juspay plans to open-source its payments routing engine.
