On Tuesday, payments infrastructure company Juspay made an all-cash acquisition of LotusPay, with undisclosed financial details. Juspay specializes in providing payment solutions to prominent companies across various sectors such as banking, financial services and insurance (BFSI), e-commerce, travel, fintech, and airlines.
According to the company, this acquisition will bolster its offerings in the BFSI segment and among merchants, with a specific emphasis on enhancing its recurring payment capabilities.
Sheetal Lalwani, Co-Founder and Chief Operating Officer of Juspay, commented, "LotusPay's NACH (National Automated Clearing House) solutions are top-notch, and they complement our existing recurring payment offerings. This integration allows us to provide our enterprise clients (banks, merchants, NBFCs) with a comprehensive suite of recurring payment options through a single integration."
Established in 2016 by Atma Krishna and backed by Y Combinator, LotusPay is a leading provider of cloud-based software for merchants and banks, specializing in NACH debit.
NACH Debit, facilitated by the NPCI (National Payments Corporation of India), enables banks, financial institutions, and merchants to collect recurring payments for various purposes such as loans, investments, insurance premiums, and subscriptions.
LotusPay serves India's prominent banks, NBFCs, and technology companies, including HDB Financial Services, InCred Finance, IIFL Samasta Finance, StashFin, Pine Labs, and Kissht.
In 2023, LotusPay recorded over five million mandates and processed more than 20 million transactions, exceeding a total value of Rs 20,000 crore.
Atma Krishna expressed his optimism about the partnership, stating, "With this collaboration, we aim to elevate LotusPay NACH Debit to greater heights."
Juspay intends to integrate LotusPay NACH into its HyperCheckout and Express Checkout products while also offering it as a standalone service.
(With Agency Inputs)