SoftBank-backed Juspay revenue spikes 50% to Rs 319 Cr in FY24

Payment technology firm Juspay has posted nearly 50% growth in its operating revenue during the fiscal year ending March 2024. Moreover, the SoftBank-backed firm also controlled losses by 10% in this period.

Juspay revenue from operations grew 49.6% to Rs 319.32 crore in FY24 from Rs 213.39 crore in FY23, its consolidated financial statement shows.

Juspay offers payment processing technology to merchants and is working behind offline payment solutions. Its flagship products include Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box.  The company makes money by integrating these services under the umbrella of “payment platform integration” services.

Income from payment platform integration fee grew 46% to Rs 286.5 crore in the last fiscal year from Rs 196.2 crore in FY23. The company also earned Rs 32.8 crore from other operating activities in FY24.

The Bengaluru-based firm also earned Rs 28.32 crore from gains on financial instruments and interest income which pushed its total collection to Rs 347.6 crore in the last fiscal year.

Employee benefits were the largest cost center which increased 41.7% to Rs 303.36 crore from Rs 214.04 crore. Depreciation and amortization costs also grew marginally to Rs 14.11 crore while Juspay spent Rs 123.76 crore on other expenses, including technology, legal among others.

Despite 50% revenue growth, Juspay has managed to cut losses by 7.8% to Rs 97.54 crore in the last fiscal as compared to Rs 105.75 crore in FY23. Its ROCE and EBITDA margin improved -19% and -21.04% respectively. On a Unit level, it spent Rs 1.39  to earn a rupee in FY24.

The company had cash and cash equivalents of Rs 23.94 crore, with an additional bank balance of Rs 195.46 crore as of FY24. Moreover, its receivables recorded at Rs 107.53 crore at the end of the last fiscal.

According to the startup data intelligence platform TheKredible, Juspay has raised over 656 crore (over $80 million) in its lifetime. SoftBank holds around 6.78% of the firm while Accel commands 12.39%. Juspay was last valued at Rs 3,450 crore when it raised Series C round from SoftBank in December 2021.