Indian Payment Tech Platform Juspay Raises $60M to Invest in Product Development

India-based Juspay Technologies has raised $60 million in Series C funding in a round led by SoftBank Vision Fund 2, the company announced Wednesday (Dec. 15).

The round also saw participation from existing investors VEF and Wellington Management. Juspay plans to use the money to invest in more tech and product development to scale its business in both payments and adjacent products, like credit.

Juspay was founded in 2012 and has been working on improving payment operations in India, and its resume thus far has included working with Amazon, Flipkart and Swiggy.

Per the release, Juspay currently offers Juspay Safe, which is a payment browser to simplify authentication, and HyperSDK, which contributes to SDK distribution on mobile phones.

The company also offers a payment orchestration platform called Express Checkout and a “highly reliable” united payments interface (UPI) stack for merchants called UPI in a Box.

Juspay CEO and founder Vimal Kumar said the funding would help with the company mission.

“Juspay has been in the forefront, building foundational infrastructure by unifying and enhancing hundreds of diverse payment options in a neutral way,” Kumar said in the release. “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.”

Last month, PYMNTS wrote about SoftBank’s participation in the round, writing that the move values Juspay at around $400 million to $500 million.

See also: SoftBank Leading Upcoming Juspay Investment Round

Juspay has raised around $27 million from investors, and the business has been adding more services because of the en-masse digital shift from the pandemic.

By investing in Juspay, SoftBank could have been showing its new interest in investing in startup companies that don’t need as much funding. SoftBank is also one of the largest investors in Paytm, and seemed to be looking at a wider breadth of investments in Indian FinTechs.