Juspay turns profitable with ₹62 crore PAT in FY25

Payments solutions provider Juspay Technologies has reported a profit after tax (PAT) of ₹62 crore for 2024-25, driven by a rise in digital transaction volumes, an expanding client base, and global expansion.

The company also reported its highest-ever revenue at ₹514 crore for the year ended 31 March 2025, marking a 61% rise from 2023-24's ₹319.3 crore. It had reported a net loss of ₹97.5 crore in the last fiscal year.

In 2024-25, the Bengaluru-based company's daily transaction volume surged from 175 million to over 300 million, while its annualized total payment volume (TPV) jumped 150%, climbing from $400 billion to $1 trillion.

Juspay said the growth was fueled by the addition of several prominent merchants and banks, including Agoda, Amadeus, HSBC, Tiket, and Zurich Insurance, to its global network.

Global expansion

The firm also recently expanded its services globally with new offices in the US, Europe, Asia-Pacific, and Latin America. Some of its biggest merchants, which use it for processing payments, include names such as Amazon, Flipkart, Google, IndiGo, Swiggy, Urban Company, and Zepto.

“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,” said Juspay's chief operating officer, Sheetal Lalwani, on Tuesday while announcing the results.

He said Juspay continues to maintain a strong cash position as it has a positive cash flow generation for 2024-25.

“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,” he said.

Business shift

At the start of 2025, Juspay faced a significant shift in its ecosystem when major payment gateways, including Razorpay, PhonePe, and Cashfree, chose to terminate their partnerships with the company. The reason stemmed from these players seeking direct merchant relationships and control over payment routing after Juspay secured its Payment Aggregator licence in 2023, which positioned it as a potential competitor.

However, Lalwani said these changes did not directly impact the company's revenue, as it operates purely as a technology provider.

“There was zero revenue impact from that because there was no commercial relationship that we had... I’m a pure play tech player,” he said. He explained that merchants hold full control over payment routing decisions on Juspay’s platform, likening Juspay’s role to a technology switch that provides merchants with the flexibility to choose.

The fintech firm has raised a total of approximately $147 million across multiple funding rounds since its inception in 2012. It secured $60 million in its latest Series D round in April 2025, led by Mumbai-based private equity firm Kedaara Capital. Existing investors SoftBank Vision Fund and Accel Capital also participated in that round.

Roughly half of Juspay’s revenue comes from merchant payment orchestration services, involving a technology that manages and routes the payments made by merchants through multiple payment gateways.

The other half is generated from bank infrastructure services, including UPI (Unified Payments Interface) and card acquiring services that Juspay provides to banks, enabling them to process payments and onboard merchants on their platforms.

In payment orchestration, it competes with Razorpay, which raised $375 million in its latest Series F round in December 2021.

In the payment aggregator space, leading players include Cashfree Payments, which in February closed a $53 million Series C round with backing from Krafton, and PhonePe, which raised $600 million from General Atlantic in October.