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PayU acquire Indian Payment Giant BillDesk for $4.7 billion

1Sep By NitishNo Comments

ACQUISITION

PayU acquire Indian Payment Giant BillDesk for $4.7 billion

Mumbai, 1st Oct 2021: In one of the biggest deals in the Indian consumer internet space, global player Prosus NV on Tuesday said its fintech business PayU will buy digital payments provider BillDesk for USD 4.7 billion With the deal, the Netherlands-incorporated Prosus NV's investment in India will jump to more than USD 10 billion. The PayU-BillDesk transaction, which is subject to approval from the Competition Commission of India (CCI), is expected to close by early 2022, Prosus Group CEO Bob van Dijk told reporters during a briefing. "The combination will create a leading digital payments company in India and globally, and it is exceptionally well-positioned to expand deeper into the Indian fintech ecosystem as more and more Indian customers move from cash to digital transactions,...

PayU Acquires Majority Stake in Singapore-based Red Dot Payment

5Jul By NitishNo Comments

ACQUISITION

PayU Acquires Majority Stake in Singapore-based Red Dot Payment

Online payment firm PayU acquired a majority stake in Singapore based Red Dot Payment, a Southeast Asia focused online payment solutions provider. Under the terms of the agreement, PayU has acquired a majority stake in RDP in a transaction valuing the company at $65 million. With this transaction, PayU expands into the Southeast Asia region and brings the total amount deployed in fintech investments and M&A to north of $700 million over the last three years. The move demonstrates PayU's commitment to becoming the leading payments solution provider in high-growth markets and one of the largest fintech investors in the world. Formed in 2011 by a group of payment experts from various Fortune 500 companies in the industry, RDP has grown into Singapore's largest home-grown and t...

Online Payment firm PayU acquires US-based Wibmo for $70 mn

16Apr By AdityaNo Comments

ACQUISITION

Online Payment firm PayU acquires US-based Wibmo for $70 mn

Online payment service provider PayU acquires the US-based financial technology firm Wibmo for $70 million (around Rs 484 crore). Given different capabilities and positioning in the value chain, Wibmo and PayU businesses will continue to run separately, PayU said in a statement. Wibmo partners and deeply integrate with banks in over 20 countries to offer payment authentication and risk-based decisions across billions of online and mobile payment transactions. "This strategic acquisition combines PayU's strong merchant network and Wibmo's leadership in digital transaction security solutions to offer industry-leading payments solutions to merchants and financial institutions in India and other high growth markets," the statement said. Aakash Moondhra, CFO, PayU Global said, "We...

Revenue of PayU India Doubles to Rs 588 Crore in FY18

26Dec By Gauri SinghNo Comments

BUSINESS

Revenue of PayU India Doubles to Rs 588 Crore in FY18

PayU India's revenue nearly doubled in fiscal 2018 to Rs 588 crore from Rs 306 crore the year before. It has been reported earlier this month that the Indian subsidiary of the Naspers-backed PayU accounted for more than half the overall business of the financial technology firm, based on Naspers' half-yearly report for fiscal 2019. PayU India is valued at more than $2.5 billion, based on a September Citi report which had pegged Naspers' payments business at around $5.2 billion. PayU India chief executive Amrish Rau said along with revenue for Citrus Payments, which PayU acquired in 2016 but is still a separate entity, the total revenue was about Rs 670 crore, meeting the $100-million revenue target that the company had set for fiscal 2018. "Last year was about scaling the payments...

PayU Recieved Licence from RBI to open its own NBFC

17Sep By Gauri SinghNo Comments

News

PayU Recieved Licence from RBI to open its own NBFC

PayU India has received a license from the Reserve Bank of India to operate its own non-banking financial company, a development that will provide a big boost to the fintech firm in growing its consumer credit business. PayU India managing director Jitendra Gupta will head the new initiative. The NBFC, PayU Credit, which will be a subsidiary of PayU, is the latest offering from the company that looks to expand its suite of credit-focused offerings. “With payments, we have access to data, and we generate data… For us, when we look at the market, the new aspirational class coming in, they need access to financing. We give financing to the consumer, which, in turn, reinforces business with merchants… This is not a market where one company can dominate,” le Moal said. PayU India processes...

A Digital Lending Startup Raises $18 million from PayU

21Jul By Gauri SinghNo Comments

FUNDING

A Digital Lending Startup Raises $18 million from PayU

Mumbai-based digital lending company PaySense has reportedly raised an amount of $18 million in its Series B funding round. This particular round was led by PayU. The funding round also saw the participation of existing investors including Jungle Ventures and Nexus Venture Partners. PayU had also participated in the Series A round, and this time it invested $11.5 million. PaySense has hit the milestone of Rs 50 crore monthly disbursement rate already, and with these funds, it is targeting to make it double within the next few months. Along with this, the company is also planning to use the amount to hire more people to strengthen its tech and data analytics team. “PaySense is leveraging the IndiaStack platform very well to create additional capabilities beyond those of the tradition...

29Mar By Sheldan RungasamyNo Comments

News

BillDesk Looking to Sell For $2 billion

BillDesk, a payments gateway is looking to sell its company as the company’s private equity investors want to leave the company due to an overall growing interest of investing in payments market, according to reports. Those investors include private equity companies TA Associates and General Atlantic and venture capital firm Clearstone Venture and government held Singaporean company Temasek Holdings. BillDesk has already contacted three potential buyers in the name of PayU, American Express and PayPal but refused to sell the company below their asking price, which stands between $1.5-2 billion. A price that none of the above-mentioned companies is ready to meet and all three deals fell through due to valuation disagreements. BillDesk decided to keep operating independently until and unl...

You Can Now Book An Ola Cab From IRCTC’s Website!

20Mar By Sheldan RungasamyNo Comments

News

You Can Now Book An Ola Cab From IRCTC’s Website!

The IRCTC-Ola collaboration will give customers the chance to book an Ola ride whenever they visit the IRCTC Rail Connect App or the website. The Ola-IRCTC Partnership The railway Public Sector Undertaking (PSU) and Indian Railway Catering and Tourism Corporation (IRCTC) announced on Monday they were tying up with Ola, the cab aggregator, in a bid to provide railway travelers the opportunity of booking a taxi before and after their train travel. This initiative comes as the IRCTC wishes to provide connectivity from the moment their train commuters leave their house up until their final destination. The collaboration will be a six months trial destined to give customers access to Ola booking services whenever they use the IRCTC Rail Connect App or the website, according t...

Mobikwik & Freecharge Initiated Merger Talks

25Apr By AnkitaNo Comments

BUSINESS

Mobikwik & Freecharge Initiated Merger Talks

As per the report, India's two leading e-wallet company MobiKwik & Freecharge looking to merge in an all-stock deal. According to speculation, behind this deal a chinese investor who is willing to pump Rs USD 200 million into this deal. The talks between Freecharge and MobiKwik are on their initial stages. Sequoia Capital is the major investor in both startups. Jason Kothari, the CEO of Freecharge is in talks with various investors in the US and China. PayPal had earlier shown interest in investing into Freecharge, but the deal did not materialise. PayU, Flipkart and Paytm is rumoured to be interested in FreeCharge. Freecharge is a part of online shopping platform Snapdeal, which has also been in merger talks with e-tailer Flipkart. MobiKwik, which has opened 13 new offices...

PayU plans Digibank, aims to generate $100 mn revenue by next FY

26Mar By RishabhNo Comments

News

PayU plans Digibank, aims to generate $100 mn revenue by next FY

Financial technology firm PayU is planning to set up a Digibank service in the next 12-18 months and expects to clock revenues of USD 100 million (Rs 654 crore approx) by March 2018. "Our long-term plan is to set up Digibank which will look at easing account opening for youth and provide banking services to those who are unbanked and have no access to credit. We plan to set this bank in next 12-18 months," PayU CEO B Amrish Rau. He said that the company will not require to set up a brick and mortar structure for the Digibank. PayU at present provides financial technology to merchants for facilitating online payments. Rau said that PayU witnessed transactions worth Rs 6,000 crore on its platform in January which the company expects to double over the next one year. "We have over 3 ...

Axilor Ventures Tie-up With PayU India as Industry Partner For Its Accelerator Program

17Feb By AnkitaNo Comments

BUSINESS

Axilor Ventures Tie-up With PayU India as Industry Partner For Its Accelerator Program

Early stage fund, Axilor Ventures, bets on new opportunities around Fintech; signs up PayU India as the industry partner for its Accelerator Program. Axilor has recently announced doubling the intake for its Summer ’17 Accelerator Program. Fintech is one of the five focus areas for the cohort in the Summer '17 batch. Together with PayU India, Axilor aims to improve the odds of success of FinTech startups and make them investible faster. Ganapathy Venugopal, Cofounder and CEO of Axilor Ventures, said, “The recent changes have accelerated the adoption of digital services in both consumer and enterprise segments - financial services are one of the most underserved needs and will see rapid innovation. We are looking for Fintech startups that will drive this change.” “For startups in the pa...

25,000 Crore Digital Transactions in India, Post Demonetisation

10Jan By NitishNo Comments

News

25,000 Crore Digital Transactions in India, Post Demonetisation

Post demonetisation, cash-based transactions worth Rs 25,000 crore have moved to the digital mode, says a survey. The Economic Research Department of State Bank of India carried out the survey from December 30, 2016 to January 3, 2017 so as to understand the nuances of demonetisation. It showed that 15 per cent of transactions moved to electronic payments such as m-wallets and Point of Sale machines. "This means that Rs 25,000 crore of cash based transactions have moved to digital in the last two months. If this is so, this is a good beginning," SBI Research said in its Ecowrap report. This number could have been even higher because the behavioural shift has not happened yet and many merchants still prefer cash transactions when the amount is not large, the survey said, adding t...