PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions

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PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions PayU, the payments and fintech business of Prosus, has acquired a strategic stake in Mumbai-based real-time payments tech company Mindgate Solutions. This partnership strengthens PayU’s presence in India’s real-time payments sector while utilizing Mindgate’s expertise to advance digital payment innovations globally. As part of this deal, PayU will acquire a 43.5% stake in Mindgate, while majority ownership will remain with the company's founders, the company said in a press release. This investment in Mindgate allows PayU to contribute to India's evolving digital payment landscape, driven by instant payment systems like UPI, developed by the National Payment Corporation of India (NPCI). As NPCI expands UPI domestically and globally, Mindgate is poised to play a key role by providing real-time payment infrastructure and expertise to leading banks in India. Person-to-merchant (P2M) transactions increasingly dominate the payments landscape, constituting nearly 60% of all UPI transactions in India. This partnership will enable banks and merchants to meet the evolving needs of consumers through enhanced payment options. Mindgate processes over 8 billion transactions monthly and supports major banks. Expanding across MENA, ASEAN, Europe, and the US, its expertise will enhance PayU’s global reach through its paytech business — Wibmo. The development has come at a time when PayU is planning for its IPO. It’s eyeing a public listing during the second half of 2025. In India, PayU acquired fintech company PaySense and merged it with LazyPay in early 2020. The company was also close to acquiring fintech firm BillDesk; however, the $4.7 billion deal fell through due to the non-fulfillment of certain conditions.