Payment services provider PayU Payments Pvt. Ltd, has generated a revenue of $399 million (Rs 3,271 crore) for FY23, up 31% y-o-y, driven by growth in enterprise and SME businesses, as well as diversification into newer segments.
The growth in its revenue, according to Prosus' statement, was also aided by omnichannel and other non-MDR (merchant discount rate) products also helped PayU record a jump in its revenues.
The Gurugram-based fintech firm’s contribution to Prosus’ core payment service provider (PSP) business climbed to 51% in the last fiscal, as against a 47% contribution in FY22 with its total payments volume rising about 33% to $58 billion, on the back of a rise in the number of transactions made over the year.
Its credit operations were robust in FY23 as the number of loans issued in the last fiscal was 47% higher, year-on-year. This jump was attributed to a growth in personal loans, with the size of total loan book rising to $256 million, as of March 2023.
PayU had to shut its buy-now-pay-later platform LazyPay earlier this year after the Ministry of Electronics and Information Technology’s (MeitY)’s February order to shutdown 94 mobile apps with links to China. This shutdown contributed to the trading loss incurred by PayU on its credit operations.
PayU was also in the news last year after it 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 (CCI).
In February, PayU also appointed Manish Deo as the company’s head of risk operations and anti-money laundering.
