Eyeing a bigger slice of the digital payments market pie in the country, Naspers-owned fintech company PayU India has raised $124 million (Rs 802 crore) from its parent MIH India (Mauritius) Limited and PayU Global, according a recent filing with the Registrar of Companies.
While MIH India (Mauritius) owned by Naspers infused $103 million (Rs 665 crore) into the company, PayU Global granted $21 million (Rs 137 crore).
The fintech and e-payments company has raised more than $15 million (Rs 100 crore) during the last one year. As of March 31, 2016, MIH India and PayU Global held 85.8% and 14.11% stakes in PayU India, respectively.
Last year, PayU acquired Mumbai-based rival Citrus Pay for $130 million, striking one of the biggest deals in the country’s emerging financial technology space and creating a new entity to compete with Alibaba-backed Paytm, Snapdeal-owned FreeCharge and MobiKwik.
The net loss of PayU India for FY16 rose to Rs 171 crore from the Rs 58.9 crore that it had incurred in FY15. The increase in loss was despite an increase in revenue by 53.2% to Rs 190 crore during FY16.
Fintech companies are riding on the government’s drive towards a digital economy. Recently, payments firm Paytm registered 200 million users for its digital wallet.
Sameer Ranjan Bakshi