Online payments gateway PayU India has two things going for it—a strong, locally-rooted technology stack and the backing of global investment firm Prosus. On this leverage, the company has built a successful payments and credit business in India by creating indigenous products, while at the other end, it has either built, acquired or partnered with entrepreneurs to lay the foundations for a broader fintech ecosystem.
PayU India, which is fully owned by Prosus, is the largest payments service provider in the country by share of revenue. Payments, which constitutes two-thirds of its revenue (nearly 15 per cent comes from its subsidiary Wibmo), grew by 49 per cent yearon-year to $304 million in FY22. CEO Anirban Mukherjee says total payment volumes grew 60 per cent in H1FY23. On the credit side, revenue stood at $40 million in FY22.
PayU India has been profitable for the past 18 months.
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Denne historien er fra February 05, 2023-utgaven av Business Today India.
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