Jus­pay to Is­sue Bonus Shares to Up Cap­i­tal

The Economic Times - - Disruption: Startups & Tech - Mugdha.Vari­yar@ times­group.com

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’

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