Juspay turns profitable with ₹62 crore PAT in FY25
Payment solutions provider Juspay Technologies reports profit after tax (PAT) ₹62 crore for 2024-25, driven by increase in digital transaction volumes, expanding customer base and global expansion.
The company also reported its highest revenue ever. ₹514 crore for the year ended March 31, 2025, marking a 61% increase over 2023-24 ₹319.3 crore. reported a net loss ₹97.5 crore in the last financial year.
In 2024-25, the Bengaluru-based company’s daily transaction volume increased from 175 million to over 300 million, while total annual payment volume (TPV) increased by 150% from $400 billion to $1 trillion.
Juspay said the growth was driven by the addition of several leading merchants and banks to its global network, including Adidas, Amadeus, HSBC, Tiket and Zurich Insurance.
global expansion
The firm also recently expanded its services globally with new offices in the US, Europe, Asia-Pacific and Latin America. Some of the biggest merchants using it to process payments include Amazon, Flipkart, Google, IndiGo, Swiggy, Urban Company and Zepto.
“Global (in terms of revenue) is still a small part of our business; we have large merchants in India. But the international interest we are seeing, although small in percentage terms, includes some of the biggest names like Agoda, Tiket and HSBC,” Sheetal Lalwani, COO of Juspay, said while announcing results on Tuesday.
He said Juspay continues to maintain a strong cash position as it generates positive cash flow for 2024-25.
“In 2024-25, we kept marketing spend to a minimum by focusing most of our investments on talent and cloud infrastructure…we burned very little of our cash in the bank for the year, relying heavily on operating cash flow to fund growth and operations,” he said.
job change
At the beginning of 2025, Juspay faced a significant shift in its ecosystem as major payment gateways such as Razorpay, PhonePe and Cashfree chose to end their partnerships with the company. This was due to Juspay positioning itself as a potential competitor as these players seek to establish direct business relationships and gain control over payment routing once Juspay obtains its Payment Aggregator license in 2023.
However, Lalwani said these changes did not directly affect the company’s revenue as it operates solely as a technology provider.
“There was no revenue impact from this because we didn’t have a commercial relationship… I’m a pure technology player,” he said. He explained that merchants have full control over payment routing decisions on the Juspay platform and likened Juspay’s role to a technology switch that gives merchants 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 raised $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 this round.
About half of Juspay’s revenue comes from merchant payment orchestration services, which include technology that manages and routes payments made by merchants through multiple payment gateways.
The other half comes from bank infrastructure services, including UPI (Unified Payments Interface) and card purchasing services that Juspay provides to banks, enabling them to process payments and accept merchants on their platforms.
In the payment arrangement, it competes with Razorpay, which raised $375 million in its last Series F round in December 2021.
Leading players in the payments aggregator space include Cashfree Payments, which closed a $53 million Series C round with backing from Krafton in February, and PhonePe, which raised $600 million from General Atlantic in October.
