Juspay, an Indian payment company, raised USD$21.6m in Series B funding.
The round was led by Vostok Emerging Finance, with a USD$13m investment, with participation from Wellington Management, alongside existing investors Accel. Post the transaction, Vostok Emerging Finance holds a minority stake and board representation in the company.
The company intends to use the funds to invest in R&D, to deepen its market presence in India and take its inventions to the rest of the world.
Led by founder and CEO Vimal Kumar, Juspay provides mobile payment solutions for online stores. Juspay Safe is a mobile payments browser designed to improve transaction time and increase conversion rate. The browser integrates with payment gateways provides analytics of the payments flow.
The company has had more than 200 million downloads of its SDK and facilitates more than $10bn of annualized payment volume for some of India’s largest merchants including Amazon, Flipkart, Uber, Swiggy, Ola and Cred.