Juspay: The Indian Fintech Powerhouse That Plays to Its Own Tune

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Hello, fellow Olio enthusiasts! 👋

Happy Hump Day and welcome to the 52nd edition of Weekly Olio - your weekly dose of giggles, wisdom, and a sprinkle of intrigue with our tantalizing thought piece (yes, we're talking about Publisher's Parmesan here). 🤭

In today's edition of Publisher's Parmesan, we delve into the fascinating world of Juspay, the Indian fintech powerhouse that has been making waves in the industry with its unique approach and unwavering determination.

Exciting, right? 👏

Will come to that, but let’s first start with the curation.

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The Quote󠀢 💭

The Tweet 🐦

Ozempic - a newly launched weight loss and anti-addiction drug has seen rapid growth in the last few months. Grocery giant Walmart even reported a drop in food sales for consumers using this drug. This Twitter/X thread analyses on how most of American consumption rests on a tiny-cohort of super consumers. If Ozempic lives upto its promise as an anti-addiction wonder drug, some of these industries could be in for a tough ride.

The Infographic 💹

India, renowned as the colossal market for whisky and brandy, stands as a beacon of opportunity for Emperador, the unrivalled titan of brandy production worldwide. With aspirations to penetrate the Indian market, Emperador's ambitious endeavour is intricately intertwined with the enigmatic UK-India free-trade agreement, which holds the key to unlocking its path to success.

The Short Read 📝

9 viral phrases that explain China’s work culture - by Yi-Ling Liu

Yi-Ling Liu is the China editor for Rest of World. She is a recipient of the Matthew Power Literary Reporting Award and the Overseas Press Club Foundation Fellowship. In her column for Rest of World, Liu gets inside the walled garden of China's internet to examine how its apps, digital phenomena, and subcultures are radically reshaping the everyday lives of people in China and beyond.

In China, the way people work has changed a lot over the years. With these changes, new phrases have become popular in the Chinese workplace. These phrases have different meanings now compared to before. For example, entrepreneurs in China used to want to take risks and start their businesses, but now they want to be more stable and successful. Another example is the phrase "996," which used to be seen as a positive symbol of hard work for tech workers, but now it is considered illegal. People in China are getting tired of the constant competition, so they use phrases like "lie flat," "run," or "let it rot" to express their exhaustion.

The Long Read 📜

How Should We Think About Our Different Styles of Thinking? - by Joshua Rothman

Joshua Rothman, the ideas editor of newyorker.com, has been at The New Yorker since 2012.

Some people say their thought takes place in vivid and captivating images, while others claim that their thoughts are formed through the power of words. However, the intricacies of our mental processes extend far beyond what we can comprehend, making them even more enigmatic than we initially perceive.

Publisher’s Parmesan 🧀

Juspay: The Indian Fintech Powerhouse That Plays to Its Own Tune

In the dynamic world of fintech, adaptability is a given, but there are companies that take adaptability to a whole new level. One such firm is Juspay, which not only thrives in the ever-evolving realm of payments but also actively contributes to shaping the digital infrastructure of India. While their financials might not be turning heads yet, Juspay's innovative DNA and impact on India's digital ecosystem are garnering attention.

Vimal Kumar, the CEO of Juspay, proudly describes the company as a university. It's a bold statement that underlines their commitment to innovation. Juspay operates at the heart of India's e-commerce ecosystem, orchestrating payments for over 70 million daily transactions. But, being content with their current position is not in their DNA.

A Payment Maestro with a Difference

Juspay, founded in 2012 by former Amazon executives, has a unique niche in India's fiercely competitive payment space. The company operates in the payments orchestration layer, where it efficiently manages transactions across various gateways and aggregators. This not only simplifies the process for merchants but also ensures payment reliability.

Their approach is neutral; they're not a payments gateway or aggregator themselves. This neutral stance has helped them build a substantial moat in the industry. Rival firms have struggled to gain traction in this space because of blocked integrations. Juspay's orchestration layer remains unparalleled.

Pioneering the India Stack

While their pivotal role in the payment industry is evident, Juspay has ventured into something much larger – the development of India Stack. India Stack refers to the country's digital public infrastructure. In 2016, Juspay developed the BHIM Unified Payments Interface (UPI) app, which became a reference point for the industry. Their participation in the creation of the standards for OCEN (Open Credit Enablement Network), another government-backed initiative, showcased their commitment to improving borrower-lender interactions.

Juspay's most recent accomplishment is the Namma Yatri app on ONDC (Open Network for Digital Commerce). This mobility app for autorickshaws is making waves in Bengaluru, competing with industry giants like Ola and Uber. Despite its roots in payment processing, Juspay is proving that it can excel in the mobility space as well.

From Payments to Mobility: A Logical Transition

The decision to expand into mobility solutions was rooted in their involvement with the open mobility network in Kochi. Juspay built the Yatri app, allowing commuters to connect directly with autorickshaw drivers. The success of this project led to their expansion into mobility. The move aligns with their core philosophy that a cab booking is, in essence, a transaction, and they wanted to be part of the transportation ticketing payment space.

ONDC, the platform on which Namma Yatri operates, has created a conducive environment for Juspay to thrive. Their involvement in various mobility apps on the network, including Yatri Sathi in West Bengal, reinforces their commitment to driving change in the industry.

Contributing to the Greater Ecosystem

Juspay's foray into open-source initiatives not only adds value to the broader digital ecosystem but also enhances its reputation within the industry. Their willingness to take on projects, even if they don't always translate into immediate revenue, illustrates their commitment to the digital ecosystem.

Investors on Board with the Vision

Investors are on board with Juspay's unconventional approach. They acknowledge that not every project needs to generate immediate revenue. Juspay is one of the most pervasive payment platforms in India, and investors see its involvement in open-source initiatives as a positive force for the company's culture and credibility.

While the company reported increased losses in FY22, they attribute it to one-time expenses. For FY23, they are witnessing doubled revenues without increased burn. Their matured merchant payments and banking solutions have turned cash-flow positive. Despite their multifaceted endeavours, Juspay is demonstrating sound financial progress.

The Disruptor

Juspay has long been recognized as a disruptor in the industry. They have not shied away from embracing innovation and open-sourced many of their offerings. Their pioneering work in card tokenization, UPI transactions, and the UPI Plug-in SDK demonstrates their commitment to redefining the payment space.

Their unique position has garnered attention from other players in the industry. Acquisition offers have come their way, a testament to the impact they've made. Their willingness to innovate has set them apart, aligning them with industry giants while maintaining their independent spirit.

Juspay's contrarian approach to building a business not only positions them as a major player in the fintech landscape but also solidifies their influence on India's digital ecosystem. In a world driven by change, Juspay is a force to be reckoned with, driven by a relentless pursuit of innovation and a vision to transform the digital landscape of India.

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Peeyush and Mohit

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