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Bangalore based Juspay raises $5.8 million

Mobile payments company Juspay has raised about $5.8 million (Rs 40 crore) in a Series A funding from Accel Partners, with participation from Bookmyshow founders Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, reports ET. Juspay will use the funds for building its products with a focus on mobile and hiring. The report adds that Accel’s Subrata Mitra will join Juspay’s board. The company claims to process 700,000 transactions on its platform daily, up from 100,000 a year ago. Juspay was founded by Vimal Kumar and Ramanathan RV in 2012 and provides one click payments on mobile and web through Juspay Safe, which it launched in 2014. Juspay auto processes the bank’s OTP SMS, and claims that the service is also 2G friendly because of network optimisation. It supports features like automatic focus, scroll, zoom and navigation buttons and displays a keyboard with an option to view the password, and save inputs for repeated usage. The company claims that the product is compatible with existing payment gateway integrations and offers analytics for merchants. Also read: Govt removes surcharge and service tax on digital payments to boost adoption Its other product Express Checkout sits on top of payment gateways to integrate and store cards for payment on web, mobile or native and HTML5 apps, and is integrated with HDFC, ICICI, Axis, CITI, CCAvenue, Citrus, EBS, PayU & Atom gateways. It also provides performance, user behaviour analytics and success rates. As of now, the company counts MakeMyTrip, redBus, Snapdeal, Bookmyshow, Freecharge, Mobikwik, foodpanda,…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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