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PayU plans to raise up to $300 Mn ahead of IPO: Report

EntrackrEntrackr · 10d ago
PayU plans to raise up to $300 Mn ahead of IPO: Report
Medial

Snippets PayU plans to raise up to $300 Mn ahead of IPO: Report Prosus-backed payments company PayU is said to be exploring a $300 million fundraise by offloading a minority stake. As per a Moneycontrol report, the firm has engaged HSBC as its banking partner for the deal, which is still at an early stage. The fundraise comes ahead of a plan to list on Indian stock exchanges, with the minority stake sale being planned to gauge investor demand and set a valuation benchmark for PayU’s initial public offering (IPO), which is likely in 2026. In March, PayU acquired a 43.5% strategic stake in Mindgate Solutions, a real-time payment technology firm. The company is one of the largest UPI technology service providers in the industry and works with the country's biggest banks. Prosus remains a significant shareholder in PayU and recently infused $35 million into its credit business and backed the Mindgate investment. PayU India helps businesses accept digital payments through a gateway that supports cards, UPI, wallets, EMIs, and QR codes. It serves half a million merchants and offers no-code tools such as payment links and invoicing to simplify setup. The company also adds value through enterprise-grade features such as fraud protection, analytics, tokenisation, split payments, and AI-driven recommendations. On the lending side, PayU provides credit to individuals and businesses underserved by traditional banks. It offers instant loans, EMIs and “buy now, pay later” solutions under a Reserve Bank of India approved NBFC licence. PayU generates revenue via transaction fees from its payments arm and interest or processing charges from its lending business. For the fiscal year ended FY25, PayU’s India payments business grew 12% to $498 million, while its overall revenue rose 21% to $669 million.

PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions

EntrackrEntrackr · 6m ago
PayU acquires 43.5% stake in Mumbai-based Mindgate Solutions
Medial

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.

Ahead of IPO, PayU receives final Payment Aggregator license

EntrackrEntrackr · 4m ago
Ahead of IPO, PayU receives final Payment Aggregator license
Medial

Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. “As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,” said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organization’s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in India’s real-time payments space and leveraging Mindgate’s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwik’s subsidiary Zaakpay and PB Fintech’s subsidiary PB Pay received in-principle approval, and BharatPe’s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.

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