Vimal Kumar co-founded Juspay in Bengaluru in 2012 with Ramanathan RV. At the time, online payments in India failed often, and every merchant had to solve the same problems alone. Juspay's idea was to build the layer in between.
Sheetal Lalwani, a former Bloomberg executive, joined in 2014, two years after launch. Ramanathan RV exited in 2019. For years the company sold only to enterprises and ran at a loss, with a net loss of Rs 97.5 crore in FY24.
In February 2024 the RBI granted Juspay a payment aggregator licence and it launched HyperPG. In FY25 it turned profitable, with a net profit of Rs 62.3 crore on operating revenue of Rs 514.3 crore.
Juspay raised a $60 million Series D in April 2025 led by Kedaara Capital. In January 2026 a $50 million follow-on from WestBridge Capital valued it at $1.2 billion. Competitors include Razorpay, PayU, Cashfree, Stripe and Adyen.