SoftBank-backed payment tech firm Juspay reported a robust 50% jump in its operating revenue for the fiscal year ending March 2024, while reducing its losses by nearly 10%. The company’s consolidated financial report reveals that revenue from operations surged to ₹319.32 crore in FY24, up from ₹213.39 crore in FY23.
Known for its comprehensive payment solutions, Juspay powers merchants with key offerings like Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box. These solutions contribute to its primary revenue stream from “payment platform integration” services, which saw a significant 46% growth, reaching ₹286.5 crore compared to ₹196.2 crore in FY23. Additionally, Juspay earned ₹32.8 crore from other operating activities during this period.
Interest and financial gains also contributed ₹28.32 crore to Juspay’s total income, which reached ₹347.6 crore for the year. Employee benefits remained the company’s largest expenditure, increasing by 41.7% to ₹303.36 crore from ₹214.04 crore. Other expenses, including technology and legal costs, amounted to ₹123.76 crore, while depreciation and amortization expenses rose slightly to ₹14.11 crore.
Despite its remarkable revenue growth, Juspay successfully reduced its net loss by 7.8% to ₹97.54 crore, down from ₹105.75 crore in FY23. The company’s Return on Capital Employed (ROCE) and EBITDA margin also showed improvement, at -19% and -21.04%, respectively. In terms of operational efficiency, Juspay spent ₹1.39 for every rupee earned.
The Bengaluru-based firm closed FY24 with cash and cash equivalents totaling ₹23.94 crore, along with an additional bank balance of ₹195.46 crore. Receivables stood at ₹107.53 crore by year-end.
According to data from TheKredible, Juspay has raised over ₹656 crore (around $80 million) to date, with SoftBank and Accel holding stakes of 6.78% and 12.39%, respectively. Juspay’s last valuation was approximately ₹3,450 crore following its Series C round led by SoftBank in December 2021.