Digital payments infrastructure startup Juspay has closed a $50 million funding round led by WestBridge Capital, valuing the Bengaluru-based company at approximately $1.2 billion. As a result, Juspay has become the first Indian startup to achieve unicorn status in 2026.
Notably, the funding round includes both primary and secondary transactions, thereby enabling early investors and employees to gain partial liquidity through share sales, according to a company statement. However, the statement did not disclose the exact split between the primary and secondary components.
“Our focus over the last decade has been on solving the core complexities of global payments through first-principles engineering and design,” said cofounder Sheetal Lalwani. “This round reflects our growth and provides liquidity opportunities for our early investors and team members.”
Founded in 2012 by Sheetal Lalwani and Vimal Kumar, along with Ramanathan RV, who exited the company in 2019, Juspay delivers payment infrastructure and orchestration software to large enterprises and banks. At scale, the company processes more than 300 million transactions every day and manages an annualised total payment volume (TPV) exceeding $1 trillion.
Moreover, Juspay serves a broad client base that includes global technology companies such as Google; leading e-commerce platforms, including Amazon, Flipkart, and Swiggy; airlines like IndiGo; and financial institutions such as HSBC.
Over time, Juspay has expanded beyond its original payments orchestration offering. According to the statement, the company now provides Unified Payments Interface (UPI) and core banking-linked payment infrastructure while operating primarily as a backend technology provider for banks and large merchants.
Previously, in April 2025, Juspay raised $60 million in a funding round led by Kedaara Capital, with participation from SoftBank and Accel, at a valuation of $900 million. Subsequently, the company reported a net profit of Rs 62 crore for the fiscal year ended March 2025, marking its first full year of profitability, compared with a net loss of Rs 97 crore in FY24.
In addition, the company secured its payment aggregator (PA) licence from the Reserve Bank of India in February 2024. However, this development triggered tensions within the payments ecosystem, as major payment aggregators accused Juspay of preferentially routing transactions to its own PA service, citing a potential conflict of interest.
Following these developments, PhonePe requested its merchant partners to discontinue Juspay’s services in December 2024, while simultaneously promoting its own orchestration platform. Subsequently, Razorpay and Cashfree adopted similar measures in January 2025.
Meanwhile, Juspay has continued to strengthen its international footprint, expanding operations across the Asia-Pacific region, the Middle East, Latin America, Europe, the United Kingdom, and North America.
“Our conviction in them stems from their relentless innovation, evolving from a payment orchestration platform to a full-stack UPI platform, and now to a core payments infrastructure provider for banks,” said Deepak Ramineedi, partner at WestBridge Capital.
