Juspay Acquires LotusPay, Strengthening its Recurring Payment Offerings
Bengaluru/India, Feb 6, 2024: Juspay, India’s leading payments infrastructure company, has today announced the acquisition of LotusPay in an all-cash deal. Juspay provides robust payments solutions for leading companies in various sectors such as BFSI, ecommerce, travel, fintech, airlines etc. This acquisition strengthens Juspay’s offerings to BFSI segment and merchants, with a particular focus on enhancing its recurring payment capabilities.
Founded in 2016 by Atma Krishna and backed by Y Combinator, LotusPay is a pioneer in NACH (National Automated Clearing House) Debit, and provides cloud-based software for merchants and banks. NACH Debit, powered by the NPCI (National Payments Corporation of India), enables banks, financial institutions and merchants to collect recurring payments for loans, investments, insurance premiums, subscriptions, and more. LotusPay serves India’s leading banks, NBFCs including HDB Financial Services, InCred Finance and IIFL Samasta Finance, and technology companies including StashFin, Pine Labs and Kissht. In 2023, LotusPay registered more than 5 million mandates, and processed over 20 million transactions, surpassing a total value of Rs. 20,000 Cr.
Expressing his excitement about the acquisition, Sheetal Lalwani, Co-Founder and COO of Juspay, said: "LotusPay’s NACH solutions are the best in the market, and they add strength to our existing recurring payment offerings. We can now serve our enterprise clients (banks, merchants, NBFCs) with a complete suite of recurring payment options with a single integration. Most importantly, LotusPay’s approach to product and technology has seamlessly aligned with Juspay’s tenets. Joining hands, we look forward to serving our customers in this growing market of recurring payments!
Atma and team have propelled LotusPay to a year-on-year high double-digit growth across all metrics in an extremely competitive payments landscape. Diving deep into the intricacies of the payment system, product development, coding, and cloud infrastructure, Atma has single-handedly steered the business. Through extensive automation, the team has optimised operations, enabling the company to prosper with an exceptionally lean team.”
Atma Krishna, Founder and CEO of LotusPay, said: “I am thrilled to see LotusPay joining forces with Juspay, one of the most innovative payments companies in India. Our journey at LotusPay has been driven by a mission to simplify recurring payment collection for merchants. With this partnership, we aim to take LotusPay NACH Debit to even greater heights. I’m delighted to have played a part in India’s digital payments revolution.”
Juspay will integrate LotusPay NACH into Juspay’s HyperCheckout and Express Checkout products, and continue offering it as a standalone service. Juspay processes 100Mn+ transactions daily, worth $500Bn TPV on an annualised basis. This acquisition represents a significant advancement in India’s payments landscape, offering businesses enhanced recurring payment solutions and bolstering the digital payment ecosystem. The collaboration brings together the credibility and expertise of Juspay and LotusPay, further strengthening India’s position in the global payments arena.
About LotusPay
LotusPay simplifies recurring payments via NACH Debit, integrating with sponsor banks and NPCI’s NACH gateway. Merchants value LotusPay’s scalable, secure and reliable APIs and the deep visibility provided into the payment system. Advanced features include direct payouts, split payouts, custom checkout flows, unified integration for multiple sponsor banks, mandate migration, digital solutions for field agents, and multi-tenancy solutions for NBFCs. LotusPay’s solution benefits organisations of all sizes, and their customers: local charities serving women and children, microfinance institutions serving people at the bottom of the pyramid, lenders powering the credit revolution, tech companies driving the subscription economy, and most of the largest banks in India. LotusPay offers API, import and form-based solutions for registering NACH Debit mandates, including eMandates authorised via internet banking, debit card and Aadhaar, eMandates digitally signed with Aadhaar eSign, and scanned physical mandates signed in ink.
About Juspay
Juspay is a leading Indian payments innovator specializing in providing payment solutions to businesses of all sizes. Since its establishment in 2012, Juspay has crafted diverse products and solutions to improve the customer experience and make payments frictionless. With over a decade of experience, Juspay has become a trusted partner for leading companies across various sectors like BFSI, ecommerce & quick commerce, travel, fintech, airline etc. The company is known for its cutting-edge technology, robust security, and exceptional customer support. Juspay handles over 100 million transactions daily while maintaining best-in-class uptime, reliability & performance.
