Prosus-owned PayU Payments Pvt Ltd on Friday reported a 51% rise in its revenue at Rs 2,130.3 crore for the financial year 2021-2022 (FY22), as per data accessed by business intelligence platform Tofler.
The fintech firm’s bottomline stood at Rs 126 crore in FY22 against a net loss of about Rs 117 crore. Its expenses also rose sharply in the last financial year at about Rs 2,230 crore, which is about 46% higher than the previous year.
The data further showed that PayU’s expenditure on employee benefits also climbed a notch in FY22 to about Rs 29 crore against Rs 24.5 crore in FY21. However, its costs remained at about a similar level in comparison to the last financial year.
As of March 31, 2022, the company’s net worth stood at Rs 1,152.5 crore, while its earnings before interest, tax, depreciation, and amortization (EBITDA), remain negative at Rs 76.2 crore, shrinking from nearly Rs 88 crore in FY21.
Earlier this month, Prosus terminated its $4.7 billion agreement to acquire payments provider BillDesk, a month after the deal between PayU and shareholders of BillDesk was cleared by the Competition Commission of India. The completion of the deal was expected to have shored up PayU's parent firm Prosus' total investments in India to about $12 billion.
Naspers, which has invested over $6 billon in India's technology sector since 2005, first announced the acquisition deal last August, paving way for one the largest consolidation in India's fintech sector.
Another payments system giant, Razorpay, is in the process of ramping up investments in India with the acquisition of payments-linked loyalty and engagement solutions provider PoshVine for an undisclosed amount, marking its fourth acquisition in 2022 and seventh overall.