SUMMARY
- Juspay reduced its overall loss to Rs 97.54 crore in FY24.
- Its revenue from operations grew by 49.64% to Rs 319.32 crore in FY24.
- Its expenses climbed by 29.52% to Rs 443.74 crore in FY24.
SoftBank-backed payments startup Juspay reduced its overall loss to Rs 97.54 crore in FY24, dropping 7.76% from Rs 105.75 crore in FY23.
Its consolidated financial reports retrieved from the Registrar of Companies show that its revenue from operations grew by 49.64% to Rs 319.32 crore from Rs 213.39 crore in FY23.
Juspay’s leading source of income was payment platform integration fees, which collected Rs 286.52 crore. Extra earnings from service areas such as product deployment and maintenance contributed an additional Rs 32.80 crore.
Its expenses climbed by 29.52% to Rs 443.74 crore from Rs 342.59 crore in the same period. The majority of this rise was attributed to the rise in employee benefit costs, which surged by 41.73% to Rs 303.36 crore, while other expenses saw a marginal increase of 3.56% to Rs 123.76 crore.
Juspay, established in 2012 by Vimal Kumar and Ramanathan RV in Bengaluru, creates payment orchestration solutions that serve as an overlay on traditional payment systems. This technology-driven company has also developed Namma Yatri, a mobile app centered on ride-hailing services, utilizing Juspay’s expertise in payments and open-source technologies.
Namma Yatri is developed on the Beckn Protocol, built to adhere to the Open Network for Digital Commerce (ONDC) with the goal of offering affordable ride-hailing options and ensuring access to digital mobility services. Recently, Juspay chose to separate Namma Yatri into its own entity with the aim of securing independent investors for further growth.
In February, the company announced its acquisition of LotusPay for an all-cash valuation, aiming to enhance its products for the banking and finance industries and merchants, particularly with its pioneering work in NACH Debit technology for recurring payments.
Founded in 2016, LotusPay introduced cloud-based solutions for merchants and banks, utilizing NPCI’s NACH Debit technology for payments related to loans, insurance, and subscriptions.
