Payments technology startup Juspay said it raised $ 60 million in a funding round led by SoftBank Vision Fund. Existing investors VEF and Wellington Management also participated in the round.

While SoftBank has put $50 million in this round, the rest came from the existing investors, said Vimal Kumar, founder and CEO, Juspay.

“We will need to hire more people and train then for this (expansion). We have around 600 people and should get to around 1,000 next year,” Kumar said. He said his team was involved in building the Bhim app on Unified Payments Interface (UPI) in a matter of three weeks.

“Juspay has been in the forefront, building foundational infrastructure by unifying and enhancing hundreds of diverse payment options in a neutral way. We believe in ecosystem innovations like UPI and OCEN (Open Credit Enablement Network) and have built a deep value-driven culture to support such initiatives. This funding will help us scale up our mission in India and expand globally,” Kumar added.

Juspay said it sees 300 million online transactions per month with a gross value of over $5 Billion along with having the highest number of payment SDK (software development kit) installed across 250 million mobile phones. Today, the bulk of mobile payments in India go through Juspay’s platform, the company said. It processes around 11 million transactions per day, it added.

As more businesses go online, Juspay is building a host of other services and offers payments processing technology to merchants. Compared to its previous valuation of around $140 million, post this funding Juspay has been valued at $460 million.

“Juspay is one of the most innovative deep tech companies in India’s fast-growing digital payments market. It is solving the complex needs of an evolving fintech ecosystem. We believe in Juspay’s vision to simplify payments for billions of people globally and deliver higher revenue at a lower cost for merchants,” said Vishal Gupta, director, SoftBank Investment Advisors.