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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 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 ...

PayU Hires Pradeep Shekhawat as Head of SMB Business

Unique online payments solution PayU India has announced appointment of Pradeep Shekhawat to Head the SMB Business division of its operation. The decision follows suit with the growing aspirations of the brand to expand its line of Businessand deliver valuable products and services to small business, hence pivoting the current surge in FinTech services. Pradeep Shekhawat, an alumnus of IIT-Bombay and IIM-Bangalore, will have the pivotal task of looking after the strategic growth and expansion of SMB Business, a wing initiated towards the growing MSME and startup sector in India. "Our SMB Businessis one of our PremierBusinessin Indiaand it continues to be a key contributor to PayU India's success. Pradeep's broad experience, competencies and strong leadership skills make him the...