 "The Bengaluru-based fintech clocked its highest ever revenue, of Rs 514 crore, in FY25, up 61 per cent from the previous year. It reported a profit after tax of Rs 62 crore, marking its first profitable year.")
Juspay seeks $1 billion in revenue by expanding in India and abroad before it considers a public listing, said Sheetal Lalwani, the payments infrastructure company’s cofounder and chief operating officer.
The Bengaluru-based fintech clocked its highest ever revenue, of Rs 514 crore, in FY25, up 61 per cent from the previous year. It reported a profit after tax of Rs 62 crore, marking its first profitable year.
“If you truly believe that payments and technology infrastructure can be global, our aspiration is that why can’t we do a billion dollars in revenue first? When we have that visibility and assurance that we truly are a global company, even in terms of revenues and such, we might consider an (IPO),” Lalwani said at the company’s media roundtable.
The company doesn’t plan an initial public offering immediately. “That’s how we've told [investors] right now and investors are very supportive of it,” he said.
Juspay has expanded its global presence with new offices in the United States, Europe, Asia Pacific, and Latin America. India gives most of the company’s revenues and international markets contribute around 2 per cent.
Earlier this year, Payment Aggregators (PAs) — such as Razorpay, Cashfree Payments, and PhonePe — pushed for direct merchant integration instead of routing payment requests through third-party payment orchestration platforms like Juspay.
Juspay then open-sourced its orchestration layer software to all merchants. “For us, there was no revenue impact. We are very glad to say we've not lost any merchants. They've stayed and expanded their relationships. So I think net-net, as a learning and (for) the growth of the company it has been good,” Lalwani said.
A merchant’s partnership with a third-party router and a PA is independent of each other. The orchestration layer, which rests between the merchant and multiple aggregator partners, is designed to optimise transaction success rates by routing transactions to PAs with better processing times and costs.
Juspay got a payment aggregator licence from the Reserve Bank of India (RBI) in 2024. Lalwani said the PA business’s contribution to company revenue was smaller than its international business. However, the licence enables the company to be regulated by the RBI, and have necessary oversight.
“If you're so big in payments, not being regulated is actually a risk. The biggest win for me is (with) the PA, my tech and business is audited. When I become a TSP [technology service provider] to a bank, they actually have a lot of comfort.”
Around 50 per cent of Juspay’s topline comes from merchant orchestration or merchant software as a service business. The rest comes from infra services provided to banks. Growth is driven by merchants and banks combined.
The company’s clients in India include Amazon, Flipkart, Google, IndiGo, Swiggy, Urban Company, and Zepto. Globally, it works with Agoda, Amadeus, HSBC, Tiket, Zurich Insurance, and others.
Juspay is expanding solutions for global banks with a modern acquiring stack, it said. It is investing in payment innovations such as biometric payments in Brazil’s Pix ecosystem, its open-source orchestration platform Hyperswitch, and others.
