Mobile payments startup, Juspay, has raised Rs 40 crore in series A round of funding by VC firm Accel Partners. The company has also raised some funds from Bookmyshow founders Ashish Hemrajani, Parikshit Dar and Rajesh Balpande.
Juspay stated that the funds will be used for the product development. A leading media publication stated “The deal values three-year old Juspay, which also counts India Value Fund partner and former Network18 CEO Haresh Chawla as an angel investor, at over Rs 200 crore. Accel has picked up about 20% stake in the company.”
Founded in 2012 by former Amazon engineer Vimal Kumar and Ramanathan RV, the company aims to ease the mobile payment options by aggregating different services like cards, wallets and net banking. Later the founders were joined by Blomberg executive Sheetal Lalwani in 2014.
The company’s client base include Foodpanda, Jabong, Amazon India, Snapdeal, Yatra, Swiggy and Bookmyshow.
The fintech space is coming up with new players and they are making a solid impact in the ecosystem. Payment gateways like Billdesk have raised $100 million, while Citrus have also raised some funds from Ascent Capital and Sequoia