PayU’s India business has recorded $211 million total revenues in H1FY24, as per its investor Prosus’ financial filing. “India is our largest market in the core PSP business, contributing around 48 percent of revenues. India’s revenue grew 15 percent (20 percent) to $211 million, driven by growth from existing merchants, Wibmo and its omnichannel business,” the report said.
The report further informed that the growth in revenues largely comes from the company’s existing merchants and Wibmo, payment processing stack, as new merchant signups continued to be paused for the Indian entity after Reserve Bank of India (RBI) order.
The company’s statement also informed that its Buy-Now-Pay-Later (BNPL) platform LazyCard in India is shut down. “The consolidated trading loss narrowed by US$62m in local currency, excluding M&A to US$22m, due to improved profitability in GPO, Turkey and savings from the closure of India’s LazyCard business,” Prosus revealed.
The fintech major has also revealed its initial public offering (IPO) plan. According to a report by Yourstory, Ervin Tu, interim CEO of Prosus, said during the post-earning call that the global investment firm is hopeful of a public listing for PayU India by the second half of next year.
“We are growing very well not only on payments but on the credit side too. We are working very hard to prepare the business to be in a listable form and aim to have it (ready) by the second half of next year,” Tu said, adding that public markets in India are very healthy, as quoted by Yourstory.