)
ibibo Group has secured a stake in PayU Global-an international online payment solution company present in over 12 countries. The stake has come in exchange for its local payment portal PayU-India.
PayU-India was a 100 per cent owned business by the ibibo group launched in 2011. Ibibo group’s holding company MIH Ltd is owned by Naspers. The South African giant Naspers also holds majority stake in PayU Global.
"We have acquired a substantial minority stake in the PayU Global along with 30-40 key e-commerce players from Latin America, Africa and other Central and Eastern European countries. We are glad to be a part of this global consolidation," said Ashish Kashyap, CEO of ibibogroup, that also owns redbus.in and tradus.com.
Kashyap refused to divulge the amount at which his local brand PayU India was valued for a minority stake in PayU Global. He says that the association with global brand will help consolidate and expand his travel and online payment solutions globally.
