Highlights
Razorpay and Cashfree Halt Integrations with Juspay
In a strategic decision, prominent payment aggregators Razorpay and Cashfree have ceased their direct integrations with Juspay, a payment orchestration platform supported by SoftBank. This action follows PhonePe’s earlier decision to cut ties with Juspay in December 2024, as exclusively reported by Startup Superb.
In the previous month, sources from Startup Superb indicated that multiple payment gateway firms were evaluating a shift away from the orchestration platform; however, Juspay dismissed these claims as mere speculation.
A spokesperson from Cashfree stated that the company intends to move away from integrations involving third-party routers and orchestrators. They highlighted that by providing direct integration, they could enhance the delivery of features, offer better support, and improve the overall merchant experience. Razorpay’s representative echoed this sentiment, confirming that their company would suspend all integrations using third-party routing platforms.
The Head and Tale was the first to report on this development. An additional report from ET noted that Pine Labs, which provides both offline and online payment services for merchants, will continue its partnerships with alternative orchestration platforms.
About Juspay
Juspay offers cutting-edge payment processing technology, facilitating offline payments through its flagship products, including:
- Juspay Safe
- HyperSDK
- Express Checkout
- UPI in a Box
Sources reveal that roughly 15% of PhonePe’s payment gateway volume was managed through Juspay. The exit of Razorpay and Cashfree may significantly affect Juspay’s operations.
Financial Performance
For the financial year concluding in March 2024, Juspay’s operational revenue experienced a robust growth of 49.6%, climbing to Rs 319.32 crore, up from Rs 213.39 crore in FY23. By FY24, over 88% of Juspay’s total revenue was derived from its payment platform integration business. The company also achieved a reduction in losses, presenting a 7.8% decrease to Rs 97.54 crore for the year.