Comments
PayU, a fintech company that provides payment technology for online merchants, has acquired a controlling stake in PaySense, a digital credit platform, at a valuation of ₹1,320 crore ($185 million). PayU will merge its consumer lending business LazyPay with PaySense. In addition, PayU will inject up to ₹1,425 crore ($200 million) in the new enterprise in the form of equity.
Of this, it will invest about ₹460 crore ($65 million) immediately while the balance will be invested over the next 24 months to grow the loan book. PayU is the payments and fintech business of Prosus, a global consumer internet group and a leading technology investor, and is majority owned by Naspers.
Incorporated in Mumbai in 2015, PaySense has assets under management of over ₹500 crore. It has more than 55 lakh registered customers with loan disbursement of above ₹1,100 crore.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.