Payments technology firm Juspay has maintained consistent growth, achieving an 85% year-on-year increase in scale over the past two fiscal years (FY23 and FY22). Despite this expansion, the SoftBank-backed company has effectively managed its losses, maintaining stability throughout the fiscal year ending March 2023.
According to its annual financial statements filed with the Registrar of Companies, Juspay recorded an 88.5% growth in revenue from operations, reaching Rs 213 crore in FY23 compared to Rs 113 crore in FY22.
Juspay specializes in providing payment processing technology to merchants and is actively involved in developing offline payment solutions. Among its flagship products are Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box.
The company boasts processing over 100 million transactions annually, with an annualized total payment value (TPV) exceeding $500 billion. Revenue primarily stems from payment platform integration and related services. Additionally, Juspay earned Rs 24 crore from interest on non-current and current investments, contributing to its total income of Rs 213 crore in FY23.
Similar to other players in the payments industry, employee benefits constituted the largest portion of expenditure, comprising 62% of the total. This expenditure increased by 70% to Rs 214 crore in FY23 from Rs 126 crore in FY22, including an ESOP cost of Rs 54 crore, which is non-cash in nature.
Juspay’s expenses on rent, information technology, legal professional services, advertising, and other overheads rose by 53.8% to Rs 343 crore in FY23 from Rs 223 crore in FY22.
The company’s impressive growth coupled with disciplined expense management resulted in a modest 5% increase in losses, reaching Rs 106 crore in FY23 compared to Rs 101 crore in FY22. Its return on capital employed (ROCE) improved to -21%, and EBITDA margin to -40.9%. On a unit level, Juspay, backed by Accel Partners, spent Rs 1.61 to earn a rupee in FY23.
Having secured over $85 million across multiple funding rounds, including a $60 million investment led by SoftBank in 2021, Juspay’s largest external stakeholder is Accel with a 12.39% stake, followed by VEF VC and SoftBank, according to TheKredible, a startup data intelligence platform.
