In a remarkable financial turnaround, payments solutions provider Juspay Technologies has announced impressive results for the fiscal year 2024-25, swinging from losses to substantial profitability on the back of India's booming digital payments ecosystem.
Record Financial Performance
The Bengaluru-based fintech firm reported a profit after tax of ₹62 crore for the year ended March 31, 2025, a dramatic improvement from the net loss of ₹97.5 crore it recorded in the previous fiscal year. This impressive turnaround was powered by the company's highest-ever revenue of ₹514 crore, representing a massive 61% increase from the ₹319.3 crore revenue in 2023-24.
The company's daily transaction volume witnessed explosive growth, surging from 175 million to over 300 million transactions per day. This transaction boom translated into a staggering 150% jump in annualized total payment volume (TPV), which climbed from $400 billion to an impressive $1 trillion during the fiscal year.
Global Expansion and Client Growth
Juspay's growth story extends beyond Indian borders, with the company recently establishing new offices in the United States, Europe, Asia-Pacific, and Latin America. This global push has been complemented by the addition of several prominent international merchants and banks to its network, including Agoda, Amadeus, HSBC, Tiket, and Zurich Insurance.
Sheetal Lalwani, Chief Operating Officer of Juspay, provided context during the results announcement, stating, "Global is still a small part of our business in terms of revenue; in India, we have large merchants on board. But the international traction we are seeing, while small as a percentage, includes some of the biggest names like Agoda, Tiket, and HSBC."
The company continues to serve major Indian merchants including Amazon, Flipkart, Google, IndiGo, Swiggy, Urban Company, and Zepto for their payment processing needs.
Business Resilience and Funding
Despite facing significant ecosystem changes at the start of 2025, when major payment gateways including Razorpay, PhonePe, and Cashfree terminated their partnerships, Juspay demonstrated remarkable resilience. Lalwani clarified that these changes had zero revenue impact on the company since it operates as a pure technology provider without direct commercial relationships with these gateways.
The company maintained a strong financial position throughout the year. "In 2024-25, we have kept marketing spends to a minimum, focusing most of our investments on talent and cloud infrastructure... we have burned very little of our cash in the bank in the year, relying largely on operating cash flow to fund growth and operations," Lalwani explained.
Juspay's funding journey remains robust, having raised approximately $147 million across multiple rounds since its inception in 2012. The company secured $60 million in its latest Series D round in April 2025, led by Mumbai-based private equity firm Kedaara Capital, with participation from existing investors SoftBank Vision Fund and Accel Capital.
The company's revenue streams are evenly divided between merchant payment orchestration services and bank infrastructure services. The former involves technology that manages and routes merchant payments through multiple gateways, while the latter includes UPI and card acquiring services provided to banks.
