Expertise investor Prosus hopes to record Indian digital funds and lending agency PayU subsequent 12 months, its chief funding officer stated on Wednesday, after clocking a US$2-billion achieve on its funding in one other native agency, Swiggy.
Whereas Prosus hoped to record PayU by the tip of 2024, it’s at the moment “not on that path”, Ervin Tu, Prosus’s chief funding officer, stated on a media name.
“We’re late into 2024 already, however we hope that it might be a 2025 occasion. We’re nonetheless working with the corporate to agency the very best timing.”
Prosus, which is managed by South Africa’s Naspers, owns 100% of PayU.
PayU has had plans to record since late 2023, at a $5-billion to $7-billion valuation. It not too long ago emerged from a 15-month regulatory ban on enlisting new retailers and was authorised in April to function as a fee aggregator.
It competes with the likes of Tiger International-backed Razorpay and Walmart owned PhonePe for its core funds operation. PayU additionally facilitates loans to prospects and small companies.
India, one of many quickest rising digital funds markets on the earth, recorded a 44% year-on-year progress in retail digital transactions within the 2024 monetary 12 months, whereas fee quantity elevated 20%, in line with Prosus’s 2024 annual report.
A pillar
Tu stated India is a “pillar” of Prosus’s technique. “Now we have nice optimism concerning the future for India and for us.”
His feedback come on the heels of one other portfolio firm Swiggy’s profitable market debut on Wednesday. Prosus stated in an announcement that it had gained $2-billion on its funding within the meals and grocery supply agency, wherein it nonetheless has a 25% stake.
Learn: Prosus and Naspers look to activate e-commerce revenue faucets
Final month, Prosus CEO Fabricio Bloisi stated he expects extra of its Indian portfolio corporations to go public within the subsequent 12 to 18 months. It has stakes in on-line market Meesho and residential providers agency City Firm amongst different Indian corporations. — Haripriya Suresh and Ashwin Manikandan, (c) 2024 Reuters
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