VEF announces a USD 6 mln follow-on investment into Juspay - India’s leading payment technology platform. The USD 60 mln round is led by Softbank with participation from Wellington Management and VEF. Closing of the round is expected to have a net positive impact of approximately USD 10 mln compared to VEF’s latest reported NAV per 3Q21.

Following the participation in this round, Juspay represents VEF’s third largest holding and is one of VEF’s fastest growing portfolio companies, playing into a massive TAM. India is one of the fastest growing markets for digital payments and is being applauded globally for its innovation, openness and fast development. The advent of UPI and other digital initiatives have fuelled the overall growth. While India is one of the most innovative markets, it has its share of challenges - the success rate of payments in e-commerce for example, is still 60-70% creating friction both for users and merchants alike. The ever growing and dynamic nature of the payment options necessitate merchants to spend a lot of time & resources on payment operations be it integration, upgrades, maintenance or monitoring. JusPay is solving these problems for the merchants.

Founded in 2012, Juspay is on a mission to build a robust payments operating system for India. It has played a pivotal role in improving the user experience for billions of payment transactions for leading merchants like Amazon, Flipkart and Swiggy. Today, the bulk of mobile payments in India go through JusPay’s platform. It processes 11 million transactions per day, one of the highest in India, with best-in-class reliability.

The financing round will further expand the scope of Juspay’s core offering by investing in technology and product development to scale its business in payments and product adjacencies - both in India and beyond.

VEF CIO, Alexis Koumoudous comments:

“India’s digital evolution is truly astounding, both leapfrogging and setting an example, in many respects, to the rest of the world. When we met the team at Juspay we were captivated by Vimal and Sheetal’s sense of mission, desire to really contribute and their technical capabilities. This round reflects their impact and the ubiquity of their products. The team have executed superbly on their vision and have built a strong foundation for the next leg of their journey. ”

Juspay CEO and founder, Vimal Kumar comments:

“Juspay has been in the forefront, building foundational infrastructure by unifying and enhancing hundreds of diverse payment options in a neutral way. We believe in ecosystem innovations like UPI and OCEN (Open Credit Enablement Network), and have built a deep value-driven culture to support such initiatives. This funding will help us scale up our mission in India, and expand globally.”

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