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PayU’s consolidated revenue stood at $497 Mn in H1 FY24: Prosus

Inc42 · 1y ago

PayU’s consolidated revenue stood at $497 Mn in H1 FY24: Prosus

PayU, a fintech major, witnessed a 21% year-on-year increase in revenue to $497 Mn in the first half of FY24. The company's trading loss decreased by 72.5% to $22 Mn during the same period. The growth was attributed to increased profitability in the global payments organizations and savings from new initiatives in PayU India. The Indian credit business also saw substantial growth with a 66% increase in the loan book and a 31% rise in revenue. PayU is exploring options for a public listing of its Indian entities.

Related News

PayU finance reshuffles top deck, Deepak Mendiratta elevated to CEO

Inc42 · 1y ago

PayU finance reshuffles top deck, Deepak Mendiratta elevated to CEO

PayU Finance, the NBFC credit arm of Prosus-owned PayU, has undergone a leadership reshuffle with Deepak Mendiratta being promoted as the new CEO. The company has also appointed Manish Kulkarni, former chief of DBS Bank, as its CFO. This move follows the departure of key leaders from PayU Finance, as the company focuses on strengthening its presence in India and potentially preparing for a stock market listing. PayU India is planning to file for IPO by February 2024 and aims to list by the end of 2024. In H1 FY24, PayU saw a 21% YoY increase in revenue to $497 million.

Meesho clinches top spot in Prosus’ India Portfolio in H1 FY24

Inc42 · 1y ago

Meesho clinches top spot in Prosus’ India Portfolio in H1 FY24

Meesho emerged as the top performer in Prosus' India portfolio for H1 FY24, with an internal return rate (IRR) of 32%. ElasticRun followed closely with an IRR of 31%. PayU India also performed well, recording returns exceeding 30%. On the other hand, PharmEasy and BYJU'S underperformed, with IRRs of -41% and -24% respectively. Improved market sentiment and a focus on profitability and sustainability contributed to the mixed bag of results. Prosus reported an operating loss of $415 million for H1 FY24, attributed in part to impairment losses in edtech investments.

PayU India shuts down BNPL prepaid card service Lazycard

Inc42 · 1y ago

PayU India shuts down BNPL prepaid card service Lazycard

PayU India has shut down its prepaid payment instrument, LazyCard, resulting in a reduction of losses and improved profitability, according to parent company Prosus. PayU had launched LazyCard in 2022, but the Reserve Bank of India's (RBI) restrictions on loading credit lines into non-bank prepaid payment instruments forced them to discontinue it. Despite this setback, PayU India recorded total revenues of $211 million in H1 FY24, with India accounting for 48% of its core payments revenue. The closure of LazyCard has contributed to an overall enhancement of profitability within Prosus' fintech and payments portfolio.

PayU consolidated revenue reaches $1.1B in FY24; India leads growth

YourStory

YourStory · 1y ago

PayU consolidated revenue reaches $1.1B in FY24; India leads growth

PayU, owned by Prosus, reported a 22% YoY increase in consolidated revenue to $1.1 billion in FY24. The growth was driven by operations in India and Turkey, as well as India credit services. PayU's core PSP revenue from India contributed 46% to its revenue, amounting to $444 million, despite a merchant onboarding pause. However, the trading profit margin for its Indian payments business slipped to -3% in FY24 due to changes in the merchant and payment method mix. PayU's India credit segment, which offers buy-now-pay-later and personal loans, expanded its revenue by 29% to $107 million in FY24.

PayU India's PA license helps it post $237M revenue in H1 FY25, even as margins shrink

YourStory

YourStory · 9m ago

PayU India's PA license helps it post $237M revenue in H1 FY25, even as margins shrink

PayU India, owned by Prosus, experienced a 12% YoY revenue growth in H1 FY25, driven by increased payment volumes and merchant onboarding. The company earned $237 million in revenue during this period. PayU India operates as a payment service provider, serving over 500,000 businesses. The lifting of a merchant onboarding embargo in April 2024 allowed the company to onboard over 4,000 merchants in H1, contributing to its positive growth. Despite this, PayU India's margins faced pressure, with a negative aEBIT margin of -5%. PayU's credit business, however, saw significant revenue growth of 91% YoY.

Zomato to add fresh ESOPs worth $455 Mn

Entrackr

Entrackr · 1y ago

Zomato to add fresh ESOPs worth $455 Mn

Foodtech and quick commerce platform Zomato on Monday announced fresh employee stock option (ESOP) options for its employees under the new plan: ESOP 2024. The board at Zomato has agreed to adopt and implement Zomato’s Employee Stock Option Plan 2024 with fresh 18,26,27,402 stock options for the company, subsidiaries, and associate entities. The resolution is subject to the approval of the shareholders of the company. Every ESOP option will be converted into equity shares, said filings, and as per Fintrackr’s estimates, the newly added ESOP options are worth around Rs 3,780 crore (approximately $455 million). The above calculation is based on Zomato’s peak share price of Rs 207 (as of 3PM, May 13 2024). The objective of expanding the ESOP pool is “to promote the employee ownership and as well as to attract, retain, motivate and incentivize critical talents in the line with corporate growth,” The Gurugram-based company showed robust growth which could be evident from its growth in FY24. Zomato’s revenue from operations surged 71% year-on-year to Rs 12,114 crore in FY24 from Rs 7,079 crore in FY22. Moreover, the profits of the company stood at Rs 351 crore in FY24 as compared to a loss of Rs 971 crore in FY23. Meanwhile, its direct competitor, Swiggy booked Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24. Its revenue and losses stood at Rs 8,265 crore and Rs 4,179 crore, respectively, in FY23.

EaseMyTrip revenue declines 15% in Q4 FY25

Entrackr

Entrackr · 3m ago

EaseMyTrip revenue declines 15% in Q4 FY25

EaseMyTrip revenue declines 15% in Q4 FY25 Online travel aggregator (OTA) platform EaseMyTrip saw a slight year-on-year decline in both revenue and profit during the fourth quarter of FY25, indicating stagnant growth during the period. EaseMyTrip’s operating revenue decreased by 15% to Rs 139 crore in Q4 FY25 from Rs 164 crore in Q4 FY24, as per its consolidated financial statements filed with the National Stock Exchange (NSE). For the full fiscal year (FY25), EaseMyTrip’s operating revenue remained stable at Rs 587 crore in FY25 as compared to Rs 590 crore in FY24. Air ticketing contributed 68% to the company’s revenue but declined by 28% to Rs 94 crore in Q4 FY25, down from Rs 132 crore in Q4 FY24. Meanwhile, hotel packages accounted for 16.5% of the total revenue, bringing in Rs 23 crore. To the tune of scale, its total expense increased by 12% to Rs 131 crore in Q4 FY25 from Rs 117 crore in Q4 FY24. Service cost, payment gateway, employee benefit and costs were other major overheads for EaseMyTrip during the last quarter. For the full fiscal year ending March 2025, the total expenses rose to Rs 460 crore. EaseMyTrip booked profit before tax (PBT) of Rs 12 crore in Q4 FY25 as compared to a loss of Rs 17 crore in Q4 FY24. During FY25, the firm’s profit before tax stood at Rs 143 crore in FY25 from Rs 142 crore in FY24. EaseMyTrip closed the last trading session at Rs 11.28, with a 0.71% increase in its share price. The company’s total market capitalization stood at Rs 3,997 crore.

PayU’s India growth loses steam; wait for RBI relief continues

The Arc Web

The Arc Web · 1y ago

PayU’s India growth loses steam; wait for RBI relief continues

PayU India, the payment unit of PayU, experienced a 15% revenue growth in the first half of FY24, slower than the previous year's growth rate of 20%. The company was unable to onboard new customers due to a restriction imposed by the Reserve Bank of India (RBI). However, existing merchants, subsidiary Wibmo, and the omnichannel business contributed to the growth. PayU's trading loss margin increased from 1% to 3%, but the second half of FY24 is expected to be more profitable due to festive sales. PayU is also planning to go public in the second half of 2024.

PayU’s global CFO Aakash Moondhra steps down

Economic Times

Economic Times · 1y ago

PayU’s global CFO Aakash Moondhra steps down

Aakash Moondhra, the global chief financial officer of Prosus-owned PayU, has announced his resignation from the company. He will remain in his role until September 30. Moondhra mentioned in a LinkedIn post that during his tenure, PayU's business experienced significant growth, with transaction volumes crossing $100 billion and revenues exceeding a billion dollars. This announcement follows the sale of PayU's global operations to Rapyd for $610 million, as the company shifts its focus to operations in India, Turkey, and Southeast Asia.

Justdial Q3 Results: Profit surges 22% YoY to INR 92 Cr, revenue rises to INR 265 Cr

Inc42 · 1y ago

Justdial Q3 Results: Profit surges 22% YoY to INR 92 Cr, revenue rises to INR 265 Cr

Hyperlocal search engine, Justdial, witnessed a 22.3% YoY increase in consolidated net profit to INR 92 Cr in Q3 FY24. The company reported a net addition of 1.4 Mn active listings, bringing the total to 41.6 Mn. Operating revenue grew by 19.7% to INR 265 Cr in the same quarter. Justdial's expenses stood at INR 218.9 Cr, while employee benefit expenses increased 6.6% YoY to INR 178.5 Cr. The number of unique visitors rose to 165.9 Mn, with a majority of traffic coming from mobile devices.

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