Juspay的支付编排赌局：打造了BHIM，规模近10亿美元，却遭网关断连

做的是什么生意

Juspay sells payment-orchestration software that lets a merchant connect once and route transactions across many Indian payment gateways and UPI apps; it also built NPCI's BHIM app.

启动资金：$60M Series C in 2021 led by SoftBank Vision Fund 2; more than $237M raised in total by January 2025.

起因

Vimal Kumar and Sheetal Lalwani founded Juspay in Bengaluru in 2012. The founding bet was that India's fragmented payments landscape — dozens of gateways, wallets and UPI — would make a neutral orchestration layer more valuable than any single gateway, and that solving one painful step of checkout would get the biggest apps as first customers.

经过

The strategy compounded: NPCI approached Juspay to develop BHIM, its UPI app, and Juspay's OTP-read software became standard in mobile checkout. In 2021 SoftBank Vision Fund 2 led a $60M Series C; FY24 operating revenue grew 49.6% to ₹319.32 Cr while losses were cut roughly 10%. In February 2024 the RBI authorized Juspay as a payment aggregator, and it launched HyperPG — putting it in direct competition with the gateways it routed traffic to. Between late 2024 and April 2025, PhonePe, Razorpay, Cashfree and Paytm reportedly cut integrations with Juspay, citing concerns about the transparency of its routing engine.

结果

In January 2025 Moneycontrol reported a $150M round led by Kedaara Capital, WestBridge and SoftBank at about $1B — India's first unicorn of the year. By April 2025 Inc42 reported a $60M Series D led by Kedaara with SoftBank and Accel, with the company pushing into AI and global expansion while the gateways kept their distance.

可借鉴之处

人人依赖的中立中间商一旦进入客户的业务，就变成了竞争者——如果你的产品是信任，那么产品市场契合度可能反过来吞噬你。