In the operating revenue during the fiscal year ending March 2024, Payment technology firm Juspay has posted nearly 50% growth. Adding to this, the SoftBank-backed firm has also showcased controlled losses which stood at 10 percent in this period. In its consolidated financial statement, Juspay revenue from operations grew from Rs 213.39 crore in FY23 49.6% to Rs 319.32 crore in FY24.
If we speak of Juspay, it offers payment processing technology to merchants and is also working behind offline payment solutions. Its flagship products consist of Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box. The company makes money by integrating these services under the umbrella of “payment platform integration” services.
Income from payment platform integration fee grew 46% to Rs 286.5 crore in the last fiscal year from Rs 196.2 crore in FY23. The company also earned Rs 32.8 crore from other operating activities in FY24. The Bengaluru-based firm also earned INR 28.32 crore from gains on financial instruments with interest income steering its total collection to INR 347.6 crore in the last fiscal year.
Employee benefits were the largest cost center which increased 41.7% to Rs 303.36 crore from Rs 214.04 crore. Depreciation and amortization costs also grew marginally to Rs 14.11 crore while Juspay spent Rs 123.76 crore on other expenses, including technology, legal among others.
Despite 50% revenue growth, Juspay has managed to cut losses by 7.8% to Rs 97.54 crore in the last fiscal as compared to Rs 105.75 crore in FY23. Its ROCE and EBITDA margin improved -19% and -21.04% respectively. Furthermore, it spent Rs 1.39 to earn a rupee in FY24 on a Unit level.
Also to note, with an additional bank balance of INR 195.46 crore as of FY24, the company had cash and cash equivalents of Rs 23.94 crore. Moreover, its receivables stood at INR 107.53 crore at the end of the last fiscal.
According to the startup data intelligence platform TheKredible, Juspay has also raised over INR 656 crore which comes to about USD 80 million in its lifetime. Speaking of the shares, SoftBank holds around 6.78 percent of the firm while Accel commands 12.39 percent. Juspay was last valued at INR 3,450 crore when had raised a Series C round from SoftBank in December 2021.
