SoftBank-backed fintech infrastructure firm Juspay has clocked its first full year of profitability, marking a major milestone in India’s digital payments story. The Bengaluru-based company reported a net profit of ₹62 crore in FY25, rebounding sharply from a ₹97 crore loss in FY24, with net revenue surging 48% year-on-year to ₹514 crore.
Behind this turnaround is a blend of high-volume transaction routing, strong merchant partnerships, and a growing footprint in global payments.
Credits: Ascendants
From Losses to Profit: The Engine Behind Juspay’s Turnaround
At its core, Juspay operates as the invisible layer at checkout, enabling seamless payment routing for major ecommerce, fintech, food-delivery, and ride-hailing platforms. Acting as middleware, it ensures transactions reach the right payment aggregators efficiently—earning a small commission for every successful transaction.
In FY25, this engine ran faster than ever. The company now processes a staggering annualised $1 trillion in total payment value (TPV) and handles nearly 300 million transactions daily. Its adjusted EBITDA stood at ₹115 crore, turning decisively positive after years of heavy infrastructure investments.
Juspay’s CEO Vimal Kumar credited the turnaround to the company’s focus on “deep partnerships with large merchants” and the expansion of UPI across user and merchant ecosystems. The company powers around 20 third-party UPI apps, including major names like Google Pay and Super.money, and has been winning large merchant accounts “over the last few years.”
Navigating Friction, Emerging Stronger
The past year wasn’t without turbulence. After receiving its payment aggregator licence from the RBI in February 2024, Juspay faced a high-profile standoff in the ecosystem.
In December 2024, PhonePe advised merchants to stop using Juspay, citing compatibility issues. The move was echoed by Razorpay and Cashfree in early 2025. However, the company found support from Pine Labs and CCAvenue, who advocated for interoperability and fair competition.
Surprisingly, the setback turned into a resilience test that Juspay aced. Management said the episode “did not hurt performance; instead, it helped diversify partnerships” and strengthen relationships with merchants. In fact, the company went on to win several large deals after the controversy, underscoring its reputation for reliability and scale.
The Bank Connection: Juspay’s Next Big Play
One of Juspay’s most promising frontiers lies in embedding its orchestration layer directly into banks. The company is working with HSBC to power merchant payment services in India and select other geographies.
This initiative reflects a strategic shift—from being a fintech partner to becoming a core part of financial institutions’ infrastructure. By enabling banks to process payments more efficiently, Juspay is betting on a new wave of growth that goes beyond India’s UPI rails.
Going Global: From Bengaluru to Brazil
Founded in 2012 by Vimal Kumar and Sheetal Lalwani (with co-founder Ramanathan R.V., who exited in 2019), Juspay has grown into a global payments enabler, working with 500+ large enterprises worldwide.
Its operations now span North America, Africa, the Gulf, and Southeast Asia, with a new team in Brazil exploring interoperability between India’s UPI and Brazil’s Pix network. The idea: to make payments across countries as seamless as they are within India.
Backed by SoftBank, Accel, and Kedaara Capital, Juspay raised $60 million in April 2025, valuing the company at $900 million. To date, it has raised about $100 million in equity funding—a modest figure compared to its processing scale.
Credits: Mint
The Road Ahead: Building a $1 Billion Global Payments Business
With profitability achieved and a strong balance sheet, Juspay is setting its sights high. Management has articulated a long-term goal of building a $1 billion global payments business.
The path forward will depend on three key levers:
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Sustaining UPI-led transaction volumes, which remain the company’s growth backbone.
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Deepening bank-grade deployments, turning infrastructure relationships into steady revenue.
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Expanding cross-border merchant integrations, capitalising on India’s growing influence in global fintech infrastructure.
As India cements its leadership in digital payments, Juspay’s transformation from a behind-the-scenes UPI enabler to a global payments orchestrator stands out as a story of quiet ambition and strategic execution—one that could redefine how Indian fintech scales beyond its borders.
