PayU

PayU has had plans to list since late 2023, at a $5 billion to $7 billion valuation. It recently emerged from a 15-month regulatory ban on enlisting new merchants

BRISKPE will use the funding to improve its product and service offerings, expand its team, and scale its services

PayU can now on-board new merchants and provide them digital payment services

Fintech firm PayU has received an in-principle approval from the Reserve Bank to operate as a payment aggregator, the company said on Wednesday. In January 2023, RBI had returned applications of Prosus Group firm PayU and asked it to resubmit them within 120 days. With in-principle approval in place, PayU can now onboard new merchants to provide them digital payment services. "This license is pivotal in our mission to establish a globally renowned digital payment infrastructure rooted in India. Aligned with the government's Digital India initiative and the RBI's forward-thinking regulations, we are dedicated to driving digitisation and financial inclusion, particularly for small merchants," said Anirban Mukherjee, Chief Executive Officer (CEO), PayU.

The company added that India was one of its largest markets in the PSP business, contributing a share of around 48 per cent of its revenues

PayU, owned by South African conglomerate Prosus, is a payment gateway that also offers other services including buy-now-pay-later, and competes with the likes of Tiger Global-backed Razorpay

PayU's GPO business contributes around 30 per cent of its overall revenues

Prosus-backed PayU to focus on the large payments and fintech in India

The cohort will receive training and mentorship sessions, including access to experts from PayU, 'guiding them to scale their business operations and expand their customer base'

6% of total workforce of Prosus-backed firm reportedly asked to go

The layoffs were undertaken to realign the teams locally

"We are excited to welcome Arvind to our leadership team," said Prosus-owned PayU India in a statement

Technology investor Prosus on Wednesday reported widening of its consolidated trading loss to USD 80 million, about Rs 654 crore, on account of investment in PayU India business during first half of the current fiscal. The Netherlands-based investor firm, however, registered a 59 per cent growth in total payments volume (TPV) at USD 28 billion, about Rs 2.29 lakh crore, in India. PayU revenue increased to USD 183 million, about Rs 1,497 crore. "Consolidated trading losses expanded to USD 80 million, as we continued to invest in growing our credit operations in India. In India, our largest payments market, TPV grew 59 per cent to USD 28 billion, and revenue increased 48 per cent to USD 183 million, following increased digitalisation in e-commerce, financial services and bill payments, and a rebound in post pandemic travel," the company said. The Prosus group's overall trading loss widened to USD 1.4 billion during the reported period from USD 2.8 billion a year ago. The revenue of

These include products like smartphones, wearables, large appliances, smart televisions, and washing machines

PayU's expansion plans which it had charted out based on the acquisition have been put on hold for over a year

Prosus has been a long-term investor and operator in India, putting in close to $6 billion in Indian technology companies since 2005

Global telecom gearmaker Ericsson's senior vice-president Nunzio Mirtillo believes that India will see one of the fastest 5G adoptions in the world

The Adani Group stocks had been major outperformers so far this calendar year, hence the current selling can be attibuted to profit-taking at these counters

The firm currently serves over 7.5 million brands including McDonald's, 24 Seven and Taco Bell

BillDesk, founded in 2000, is an Indian success story and one of the leading payment businesses in the country