August 2, 2023
2 mins read

PayU sets eyes on India

PayU’s GPO business provides advanced ecommerce payment solutions for global merchants in over 30 countries across Latin America, Central and Eastern Europe and Africa….reports Asian Lite News

Global investment group Prosus on Tuesday said that Rapyd, a leading Fintech-as-a-Service provider, is acquiring its digital payments business PayU’s Global Payments Organisation (GPO) for $610 million in an all-cash deal.

The transaction, said the company, will enable PayU to focus on the large payments and fintech opportunity in India, where it is the leading payments provider, serving more than 450,000 merchants and over 2 million credit customers.

PayU’s GPO business provides advanced ecommerce payment solutions for global merchants in over 30 countries across Latin America, Central and Eastern Europe and Africa.

PayU’s GPO business has grown considerably in recent years, with payment volumes growing more than 300 per cent in the past five years alone.

“We are now fully focused on the huge fintech opportunity in India, where PayU is the leading payments service provider and is rapidly expanding its credit offering,” said Bob van Dijk, Prosus and Naspers CEO.

“As one of the fastest-growing major economies in the world, we strongly believe in digital India and are excited about the next phase of growth for PayU in India,” he added.

The deal follows recent strong performance in Prosus’s payments and fintech segment, which produced consolidated revenue growth of 52 per cent to $903 million in FY23.

In FY23, total payment volumes for GPO grew 12 per cent year-on-year to $34 billion. This is around 3x growth in 5 years.

Rapyd is a digital payment processing and infrastructure company that delivers end-to-end products covering the entire payment spectrum from ecommerce payments acceptance to complex financial solutions including payouts, FX, white label wallets, and card issuing.

“PayU’s payments business is one of the largest, fastest growing and most profitable businesses in India among non-banking players, delivering 42 per cent year on year growth in the last year alone,” said Laurent le Moal, PayU CEO.

The transaction is subject to customary regulatory approvals and closing conditions.

Prosus has invested, acquired or built companies like Airmeet, BYJU’S, DeHaat, LazyPay, Mensa Brands, Meesho, OLX, Pharmeasy, Swiggy, Urban Company and more.

ALSO READ: Saudi all set to become a global biotech hub

Previous Story

Maruti Suzuki back on track

Next Story

India is in Apple’s top 5 smartphone markets

Latest from Business

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite News Microsoft is set to cut around 9,000 jobs —

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from the Ministry’s side is complete Union Minister for Communications and

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy, Pralhad Joshi, asserting that the country is empowering the Global

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units and marking a new milestone that highlights the company’s expanding

India Bats for Fairer Global Finance: FM Sitharaman

FM Sitharaman stated that we believe that optimal regulation fosters innovation and stability….reports Asian Lite News India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development
Go toTop

Don't Miss

The dark face of Covid

Distressed parents of their only 25-year-old son, Santhosh Jena was

‘India needs 8% Growth To Outpace China’

In 2023, while India’s growth has slowed, the report says