Juspay raises $5.8M from Accel, BookMyShow founders

Juspay Technologies Pvt Ltd., which provides digital payments solutions, has raised $5.8 million (around Rs 40 crore) from venture capital firm Accel Partners and BookMyShow founders Ashish Hemrajani, Parikshit Dar and Rajesh Balpande.

Accel has picked up 20 per cent take in the company, which is currently valued at Rs 200 crore. As a part of the investment, Accel's Subrata Mitra will be joining the board of the company.

Haresh Chawla, partner at India Value Fund is an angel investor in the company.

The news was first reported by The Economic Times. A company official confirmed the development for Techcircle.in.

The startup was founded in 2012 by Vimal Kumar and Ramanathan RV, both of whom have earlier worked with Amazon and BankBazaar. Sheetal Lalwani, a former Bloomberg executive, joined the company as a co-founder in 2014.

The digital payments segment has seen a lot of investments lately. Jaipur-based Razorpay Software Pvt Ltd, an online payment startup, has raised $9 million (Rs 59 crore) in Series A funding led by Tiger Global with participation from Matrix Partners. Tech Mahindra also ventured into digital payments recently with mobile wallet MoboMoney. Other well-funded players include Citrus, CCAvenue and MobiKwik in India.