Juspay cuts losses to Rs 97.54 crore in FY24
11 Nov 2024, 04:06 PMJuspay earned Rs 287 crore in revenues from payment platform integration fees as compared to Rs 196 crore in FY23.
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Payment aggregator firm Juspay has reported Rs 319 crore in revenue from operations during financial year ended March 2024 -- almost 50% increase from Rs 213 crore reported a year ago.
According to the company's consolidated financial statement filed with Registrar of Companies, Juspay earned Rs 287 crore in revenues from payment platform integration fees as compared to Rs 196 crore in FY23. Whereas product implementation and support contributed about Rs 33 crore in the overall revenues.
Total expenses increased by 29.5% to Rs 443.74 crore in FY24 compared to Rs 342.59 crore in FY2, majorly driven by employee benefit expenses, which increased 42% from 214 crore in FY23 to Rs 303.36 crore in FY24.
The Bengaluru-based firm narrowed its losses to Rs 97.54 crore compared to Rs 105.75 crore in FY23.
The company had cash and cash equivalents of Rs 23.94 crore, with an additional bank balance of Rs 195.46 crore as of FY24.
Founded in 2012 by Vimal Kumar and Ramanathan RV, Juspay offers payment orchestration solutions that act as a technology layer over traditional payment gateways. Earlier this year, the company also received a payment aggregator license from the Reserve Bank of India (RBI). It also acquired another payment gateway LotusPay to strengthen its offerings to the BFSI segment and merchants.
Juspay has till date raised $88 million from the likes of Accel Partners, Softbank among others.
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