Juspay, a payments infrastructure firm, has raised $60 million in its Series D funding round, which includes both primary and secondary investments.
Kedaara Capital led the latest round, which included existing investors such as SoftBank and Accel. Avendus Capital served as Juspay's exclusive financial advisor for the transaction.
The Bengaluru-based company, a technology service provider (TSP), intends to expand its artificial intelligence capabilities. It has expanded its operations in Asia-Pacific, Latin America, Europe, the United Kingdom, and North America.
"Today, as we expand our global footprint and push the boundaries of AI, we continue to build truly open-source and interoperable payment systems that embrace the growing diversity in the payments landscape", said Sheetal Lalwani, co-founder and chief operating officer, Juspay.
Tracxn data shows that the company raised $60 million in its Series C round in 2021 and $21.6 million in its Series B round in 2020.
Juspay was reportedly in talks to raise $150 million in a Series D round earlier this year.
The fundraising comes just days after the company released its payments orchestration platform as open source. This comes after major payment aggregators such as PhonePe, Razorpay, Cashfree Payments, and Paytm requested that their merchant partners stop using third-party routers like Juspay.
Payment aggregators' push reflects an industry-wide trend of companies looking for exclusive and deeper relationships with merchants in a market with thin margins.
Operational issues with Juspay's orchestration layer had strained relationships between aggregators and their clients, prompting aggregators to advise merchants to avoid third-party routing entirely, Business Standard reported last week.
The Reserve Bank of India granted Juspay permission to operate as an online payment aggregator in 2024, raising concerns that its routing software could favour its own offering.
The company has denied the allegations, claiming that its payment routing layer is open-source and that merchants have visibility into how transactions are routed to partner payment aggregators.
