Juspay, Bengaluru-based mobile payments startup, has announced that it has raised Rs 40 crore (around $5.8 million) in series-A funding round led by VC firm Accel Partners, with participation from Bookmyshow founders Ashish Hemrajani, Parikshit Dar and Rajesh Balpande.
The raised capital will be used for product development, reported ET citing unnamed sources.
Started in 2012 by former Amazon engineer Vimal Kumar and Ramanathan RV, Juspay aims to simplify payments by aggregating different services across net banking, wallets and cards. It also help merchants in improving the success rate of payments on the platforms.
It has some big names in its client list, including Amazon India, Snapdeal, Bookmyshow, Makemytrip, Yatra, Swiggy, Freecharge, Foodpanda and Jabong.
“The number of steps in the payment process are too much and a lot of times they drop off. On top of these unreliable systems we have created layers which make the process much more smooth,” said 34-year-old CEO Kumar, adding that Juspay has helped improve success rates of payments by 3-10% for etailers.