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Juspay co-founder and COO Sheetal Lalwani and founder Vimal Kumar (R)
India’s payments infrastructure firm Juspay has raised US$50 million from WestBridge Capital in a Series D follow-on round, valuing the company at US$1.2 billion.
The transaction combines primary capital with a secondary component that offers liquidity to early investors and employees holding ESOPs — the second such liquidity event Juspay has facilitated within a year.
Also Read: Juspay’s Nakul Kothari on building, scaling, and the future of fintech
That structure matters almost as much as the cheque size. Across Asia, secondary investments (purchases of existing shares rather than new issuance) are growing quickly as late-stage startups stay private for longer and IPO windows remain inconsistent. For investors, secondaries offer exposure to more mature businesses with clearer unit economics and governance; for founders, they can reduce pressure to “time the market” for an IPO; and for employees, they convert paper wealth into cash without waiting years for a listing.
In Juspay’s case, the deal also signals a shift in how late-stage capital is being deployed in the region: less about subsidising growth at any cost, more about backing infrastructure companies that can scale across markets while keeping stakeholders incentivised.
Juspay in numbers
Juspay sells payments infrastructure to enterprises and banks, sitting behind consumer-facing checkout flows and routing transactions across payment methods, gateways, and networks. The company claims its annualised total payment volume (TPV) now exceeds US$1 trillion and that it processes more than 300 million transactions daily for brands, including Agoda, Amazon, Flipkart, and Swiggy.
It also states 99.999 per cent reliability and a workforce of 1,500+ across offices, including Singapore, alongside San Francisco, Dublin, São Paulo and Dubai.
What is less clear from the release is how fast those topline metrics have grown over the last two years. Juspay does not provide year-by-year TPV, revenue, take-rate, or profitability figures, which makes it difficult to benchmark performance against other infrastructure players. Still, two datapoints stand out: the claimed US$1 trillion+ annualised TPV and the fact that it has created two liquidity events within a year, suggesting confidence in internal valuations and a desire to retain talent in a competitive market.
Sheetal Lalwani, Co-founder and COO of Juspay, said: “Our focus over the last decade has been on solving the core complexities of global payments through first-principles engineering and design.”
Secondaries are gaining traction in Asia
Secondary transactions are rising across Asia for structural reasons:
- Longer private-company lifecycles: strong companies are delaying IPOs, either by choice (more private capital available) or necessity (volatile public markets).
Also Read: Secondaries take centre stage: How VCs are navigating the exit drought
- Tighter growth funding: as primary rounds become more selective, secondaries help balance stakeholder needs without forcing aggressive expansion.
- Talent retention: periodic ESOP liquidity is increasingly used to retain senior engineering and product talent, especially in fintech.
- Cleaner cap tables and price discovery: secondaries can consolidate early positions and create a reference price without a full fundraise.
In India, in particular, where many startups built large ESOP pools during the boom years, employee liquidity is becoming a recurring feature rather than a one-off event.
India’s fintech growth in Asia — and the constraints
India remains one of Asia’s most influential fintech markets, driven by UPI, widespread smartphone adoption, digital-first merchants, and the broader “digital public infrastructure” stack that reduces friction in onboarding and payments. Indian fintechs are also increasingly exporting capabilities — especially in payments orchestration, risk, reconciliation, and compliance tooling — to Southeast Asia and the Middle East.
But growth is shaped by countervailing forces: regulatory scrutiny, persistent concerns around fraud and consumer protection, shifting economics across payment rails, and intense competition among infrastructure and aggregator layers. In short, the demand is massive, but sustainable scale increasingly requires compliance maturity and strong operational controls.
Juspay in Southeast Asia
Juspay already has a Singapore base and counts Agoda among customers, giving it a practical entry point into Southeast Asia’s cross-border travel and commerce flows. The region’s opportunity lies in its fragmentation: multiple domestic real-time payment schemes, wallets, bank transfer rails, and differing regulatory requirements across markets. That complexity typically pushes large merchants and platforms towards orchestration and infrastructure providers that can unify routing, retries, reconciliation, and risk controls across countries.
Also Read: What stands in the way of fintech growth in Asia?
If Juspay executes well, Southeast Asia offers a route to grow beyond India-centric rails into a broader APAC infrastructure play — especially as real-time payments and cross-border linkages expand.
The post Juspay raises US$50M, makes secondaries mainstream in Indian fintech appeared first on e27.
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