New Delhi, Oct. 29 -- Juspay Technologies Pvt Ltd, a payment technology platform used by companies such as BookMyShow, Swiggy, Amazon and Flipkart, has received a shot in the arm with one of its investors increasing the estimate of the company's imputed fair market value.

The Bengaluru-based startup, which raised $60 million in a Series C round led by Japanese tech investor SoftBank in December 2021 at a valuation of $460 million, is now estimated to be valued around $770-780 million.

This is the result of Swedish fintech investor VEF marking up the fair value of its investment in Juspay by 12.5% during the quarter ended September 30. This follows two successive markdowns by VEF in the previous two quarters.

The emerging markets-focused investor's latest markup pushes Juspay's valuation to the highest level ever. In fact, Juspay is now valued 68% higher than its last reported valuation of $460 million in the Series C round.

Stockholm-listed VEF first backed Juspay in 2020, investing $13 million in the startup as part of its Series B round. In 2021, it followed-up on its investment, infusing another $8.1 million across two tranches as a part of the Series C round.

Since its participation in the last round, VEF gradually increased the fair value of its investment in Juspay until June 2023. In September 2023, it slashed the value by about 11% to $652 million, before marking it up again in December 2023. This was followed by two markdowns in a row.

VEF owns a little more than 10% stake in Juspay. After the latest markup, the value of its stake in Juspay has increased to about $78.8 million, or 3.7 times its investment in the company.

The company reported 89% growth in its revenue to Rs 213 in the financial year ended March 2024. Its net loss widened to Rs 106 crore in FY24 from Rs 101 crore in FY23.

Juspay, which spun off its ride-hailing platform Namma Yatri into a separate entity earlier this year, was founded in 2012. It provides payment solutions to companies across sectors such as financial services, ecommerce, quick commerce and travel. It remained bootstrapped until 2015, when it raised Series A funding from venture capital firm Accel.

VEF invests in growth-stage private fintech companies in emerging markets such as Brazil, Mexico, India and Pakistan. It has also backed startups including IPO-bound Blackbuck and fintech firm Rupeek in India.

Published by HT Digital Content Services with permission from VC Circle.