JusPay raises Rs 40cr from founders of Accel and Bookmyshow

Bengaluru-based mobile payments startup Juspay has raised Rs 40 crore in series-A round of funding from Accel Partners, the venture capital firm. Not only this, it has also raised capital from Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, the founders of online ticket booking app Bookmyshow founders.

The company representatives said that the funds will be used to build its product.

In the funding, Juspay, which was founded three years back, was valued at over Rs 200 crore. The company also has India Value Fund partner and former Network18 CEO Haresh Chawla as an angel investor.

The deal has given Accel about 20% stake in the company, one of the persons aware of the matter told ET.

Accel, which typically invests less than Rs 6 crore in very early stage companies, cited the attractiveness of the startup and broader payments space for this huge investment.

Juspay was founded by former Amazon engineer Vimal Kumar and Ramanathan RV in 2012, while Bloomberg executive Sheetal Lalwani joined them in 2014.

Their technology helps companies simplify payments by aggregating different services across net banking, wallets and cards. It also helps merchants in improving success rate of payments on the platforms.

It can boast of India's top ecommerce platforms like Amazon India, Snapdeal, Bookmyshow, Makemytrip, Yatra, Swiggy, Freecharge, Foodpanda and Jabong as its clients.

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