Juspay to Issue Bonus Shares to Up Capital
Bengaluru: Digital payments company Juspay Technologies has decided to issue bonus shares to increase its paid-up capital, as the startup looks to work with government institutions using its technology offerings.
Juspay, which recently helped power the unified payment interface (UPI)-based BHIM mobile application for the National Payment Corporation of India (NPCI), is also working on building on other India Stack APIs. The company’s decision to rejig its paid-up capital came after it was unable to apply to the goods and services tax (GST) network to become a ‘GST suvidha provider’ (GSP), a title given to a company selected to help tax payers and businesses in GST compliance.
“We realised that we need to increase our paid-up capital when we were applying to the GSTN to become suvidha providers and didn’t meet the criteria. We were advised by our legal team to rejig our paidup capital if such opportunities open up in the future, especially since we want to work with India Stack providers such as NPCI and NSDL,” said Sheetal Lalwani, chief operating officer of Juspay.
According to Lalwani, Juspay is working on R&D at its Juspay Labs to develop on India Stack features such as e-sign, and Aadhaar integration.
Decision to rejig its paid-up capital came after Juspay was unable to become a ‘GST suvidha provider’