PayU India

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

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 said it can start onboarding new merchants on its platform with the in-principle approval

PayU CEO Anirban Mukherjee said the company was adopting an 'India-centric' approach, which was driven by the inherent advantages the country offered compared to other markets

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'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

Swiggy's core restaurant food delivery business, Prosus said, recorded GMV growth of 26 per cent, while Instamart -- its quick commerce vertical - grew its GMV by 459 per cent

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

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

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

Mastercard said it worked with 45,000 merchants, 34 issuing banks, 10 acquiring banks, and 30-plus token requestors (including all major payment aggregators) to create 90 million tokens

PPIs are instruments that facilitate the purchase of goods and services, conduct of financial services, enable remittance facilities, etc., against the value stored in them

In September last year, PayU agreed to acquire payments gateway BillDesk in an all-cash transaction of $4.7 billion

Launched in 2020, indiagold offers gold-backed loans, gold savings, and gold locker services to over a million consumers in India

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The firm reported a loss of Rs 148 core in FY18

Both the brands to acquire new merchants & gain wider acceptance as a payment option

Aimed at those who transact digitally for amount between Rs 500-2,500 and is an option to pay later