Juspay acquires Lotuspay to fuel its recurring payment offerings
By Gloria Mathias
Juspay, India’s payments infrastructure company, has announced the acquisition of LotusPay in an all-cash deal. This acquisition strengthens Juspay’s offerings to the BFSI segment and merchants, with a particular focus on enhancing its recurring payment capabilities.
Juspay provides robust payment solutions for companies in various sectors, such as BFSI, eCommerce, travel, FinTech, airlines, etc.
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 banks, NBFCs including HDB Financial Services, InCred Finance, and IIFL Samasta Finance, as well as technology companies including StashFin, Pine Labs, and Kissht.
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, and NBFCs) with a complete suite of recurring payment options with a single integration. Most importantly, LotusPay’s approach to products 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 Krishna, Founder and CEO of LotusPay, said, “I am thrilled to see LotusPay joining forces with Juspay, one of the most innovative payment 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. This acquisition represents a significant advancement in India’s payments landscape, offering businesses enhanced recurring payment solutions and bolstering the digital payment ecosystem.
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