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New Delhi, Jan 10 () PayU on Friday said it will acquire a controlling stake in PaySense and all its assets at a valuation of USD 185 million (about Rs 1,300 crore).
 "PayU's consumer lending business LazyPay and PaySense will merge their business operations to build a full-stack digital lending platform in India. This planned merger is aligned with PayU's long term vision of orchestrating a fintech ecosystem in India by partnering with the right companies and offering multiple financial services," a statement said.
 PayU will also inject up to USD 200 million (about Rs 1,400 crore) in the new enterprise in the form of equity capital, it said.
 It added that USD 65 million of the total amount will be immediately invested, while the balance corpus will be infused in the next 24 months to grow the loan book. 
 Prashanth Ranganathan (currently PaySense CEO) will lead PayU's credit business in India as the CEO of the new enterprise. He will continue to retain a stake in the merged enterprise, while all the other investors and shareholders will exit.
 PaySense's management team will become part of PayU's credit team.
 PayU's understanding of consumer backgrounds and insights into purchase behaviour and affluence levels from its payment gateway business, coupled with LazyPay's experience in driving customer acquisition and engagement and PaySense's analytics, tech and risk management capabilities will enable the combined entity to serve more of the new-to-credit Indian population, the statement said.
 PayU's unified digital credit platform will enable third parties such as banks, NBFCs and alternate lenders to co-lend and grow assets.
 "This merger is the next step in our journey as we accelerate our vision for credit in India. We're delighted to welcome Prashanth and his experienced team as we integrate this fast-growing business and build a full-stack digital lending platform..." PayU Global Head of Credit Siddhartha Jajodia said.
 In a separate statement, Nexus Venture Partners said it was the sole initial institutional investor in Paysense.
 Nexus had first partnered Prashanth Ranganathan and Sayali Karanjkar at concept stage of the company in 2015, and further participated in all subsequent rounds of the company, it added. SR RVK

PayU to acquire controlling stake in PaySense

<a href="http://www.businessinsider.in/searchresult.cms?query=PayU+India&amp;sortorder=effectivedate">PayU India</a> has become the first non-bank entity among 62 others to get <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI</a> approval to set up and operate <a href="http://www.businessinsider.in/searchresult.cms?query=Bharat+Bill+Payment+System&amp;sortorder=effectivedate">Bharat Bill Payment System</a> (BBPS). 
 <keyword id="3204218" type="UNKNOWN" weightage="60" keywordseo="Shailaz-Nag">Shailaz Nag</keyword>, COO and Co-founder, <a href="http://www.businessinsider.in/searchresult.cms?query=PayU+India&amp;sortorder=effectivedate">PayU India</a> said, “With the provisions of BBPS, PayU believes more serious players will apply for authorization to work as BBPOU with <keyword id="30067" type="ORGANIZATION" weightage="40" keywordseo="RBI">RBI</keyword>. Further admittance of prominent industry players in the business will only enhance the country’s payment ecosystem”. 
 The company believes the BBPS license gives a big boost to its payment ecosystem. In an official statement the company mentions this as getting one step closer to achieve its mission of ‘Simplifying payments and <keyword id="6354241" type="COMPANY" weightage="40" keywordseo="Financial-Services">financial services</keyword> for everyone’. 
 
BBPS is an integrated bill payment system in India, offering inter-operable and accessible bill payment service to customers through a network of agents, enabling multiple payment modes, and providing instant confirmation of payment. This will allow consumers to pay their bills anytime and anywhere in India. 
 
<a href="http://economictimes.indiatimes.com/photo/51441376.cms">Image Source</a>

PayU India becomes first
non-bank entity to get Bharat Bill Payment Unit license

New Delhi, Jan 31 () The Competition Commission has dismissed allegations of unfair business practices against global internet firm Naspers-owned PayU Payments and Wibmo, citing lack of evidence showing any abusive conduct.
 The order came after a complaint stated that on acquisition of Wibmo by PayU, the combined entity is directly or indirectly likely to result in unfair or discriminatory conditions in availing e-payment processing gateway services in India.
 The complainant said that PayU is a dominant player in the market of e-payment processing gateways in India with a high market share in some sectors.
 It was alleged that PayU has intentionally foreclosed the market for other competitors by denying them proper access to Wibmo in the downstream market and has substantially created entry barriers for new market players by capturing the downstream market through Wibmo so that no other competitor can use a safe pathway to lead customers towards a safe e-payment transaction.
 However, the regulator noted that no evidence was furnished which could suggest that the opposite parties have indulged in such abusive conduct.
 It said "while the Act prohibits an abuse of dominant position by an enterprise, mere existence of dominant position, without any prima facie evidence of its abuse, is not recognised as an anti-competitive conduct in the scheme of the Act."
 It further noted that "the informant has merely stated that there is reduction in transaction time and a more secured payment ecosystem, owing to such integration...Thus, in the absence of any alleged abusive conduct, it will be legally untenable to direct an investigation under the Act".
 PayU is a fintech company that provides payment technology solutions to online merchants, while Wibmo is a leading technology and service provider for financial services industry, best known for its hosted risk-based authentication, 3D secure, and payment security services. SRS 
RVK

CCI dismisses complaint against Naspers-owned PayU Payments, Wibmo

Gurugram-based offline-to-online commerce platform <keyword id="8103952" type="UNKNOWN" weightage="20" keywordseo="DotPe">DotPe</keyword> on Friday said it has secured $27.5 million (around ₹200 crore) in Series A funding as Google joined <keyword id="1493568" type="PERSON" weightage="20" keywordseo="PayU">PayU</keyword> and <keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword> Ventures as investors. The round was led by its early investor, PayU, the payments and <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">fintech</keyword> business of Prosus, resulting in an increase in the existing stake in the company. Info Edge Ventures has doubled down on its seed investment in the company made last year and more than doubled its shareholding, while Google joined as a new investor. The fresh funding brings DotPe's total funding to $35.5 million. "We are thrilled to see our existing investors, PayU and Info Edge Ventures, backing our vision and doubling down on their funding as new business horizons open up," Shailaz Nag, Cofounder, DotPe, said in a statement. "We are pleased to add Google, an innovation leader, as an investor. This new partnership will empower businesses (big or small) to be more discoverable, expand business avenues and conduct commerce like never before." DotPe has made some key hires in the recent months. The company said that the fresh funding will be deployed towards accelerating product development, market expansion and scaling technology to meet the fast-growing market demand. "In the last few months we've seen an acceleration in offline players seeking to move their businesses online. We're pleased to back young companies like DotPe that are supporting India's digital transformation by connecting consumers and merchants through helpful, innovative tools," Sanjay Gupta, Vice President and Country Head, <keyword id="45395" type="COMPANY" weightage="20" keywordseo="Google-India">Google India</keyword>, said in a statement. "This investment under Google for India digitisation fund underlines our belief in working with India's start-up ecosystem towards the goal of building a more inclusive digital economy that will benefit everyone." Started by ex-PayU Founder Nag with Gyanesh Sharma and Anurag Gupta in 2020, DotPe has digitised enterprise as well as small and medium-sized business (SMB) merchants through a "full stack" solution -- from giving them an online presence to enabling seamless ordering, online payments and delivery. The company said that on the enterprise side, it has integration with over 10,000 restaurants and food courts, including leading global and domestic food and beverage brands. For small and medium-sized businesses, the company has an app called Digital Showroom that helps businesses open a digital store front quickly. It recently raised $27.5 million from investors like Pay-U, Google, and Info Edge Ventures, bringing their total funding to $35.5 million. SEE ALSO: <a href="https://www.businessinsider.in/india/news/the-entire-crew-of-the-massive-ship-that-has-blocked-suez-canal-is-indian/articleshow/81699456.cms">The entire crew of the massive ship that has blocked Suez Canal is Indian</a> <a href="https://www.businessinsider.in/politics/elections/checkout-the-list-of-mamata-banerjee-favourite-tv-and-sports-celebrities-who-are-fighting-for-tmc/slidelist/81700172.cms">Mamata Banerjee's favourite celebs who are fighting for Trinamool Congress in some of the toughest constituencies</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-shares-listed-at-4-less-than-the-issue-price/articleshow/81700313.cms">Suryoday Small Finance Bank shareholders lost 7% of their investment within minutes of listing</a> <a href="https://www.businessinsider.in/stock-market/news/kalyan-jewellers-makes-a-lacklustre-debut-listing-at-15-discount-to-issue-price/articleshow/81700343.cms">Kalyan Jewellers makes a lacklustre debut, listing at 15% discount to issue price</a>

Offline-to-online commerce platform DotPe raises $27.5 million from Google, PayU and Info Edge Ventures

<keyword id="3001203" type="UNKNOWN" weightage="60" keywordseo="PayUBiz">PayUBiz</keyword>, an Indian <a href="http://www.businessinsider.in/searchresult.cms?query=payment+gateway&amp;sortorder=effectivedate">payment gateway</a> aggregator has hit a total processed value (TPV) of half a billion dollar per month. It currently has more than 10,000 merchants from multiple industry verticals. 
 “We have been continuously expanding our industry portfolio such as <keyword id="35621" type="UNKNOWN" weightage="40" keywordseo="e-commerce">E-commerce</keyword>, Airlines, Education, Utilities, etc. which has also been fueled by our strong relationships with resellers and banks,” Rahul Kothari, Business Head at PayUBiz said. 
 
<a href="http://retail.franchiseindia.com/mediaint/images/858.jpg">Image Source</a> 
“Our ambitions go beyond this feat and intend to hit a billion dollar mark in processed value in the next one year. The growth will be organic and will also come from new lines of businesses - offline, payment products, risk solutions and global business”, Kothari added. 
 
PayU has introduced several initiatives in the payment industry including dynamic switching for routing transactions through the healthiest <a href="http://www.businessinsider.in/searchresult.cms?query=payment+gateway&amp;sortorder=effectivedate">payment gateway</a> for a high transaction success rate, CVV-less transactions, Magic retry and SurePay. 
 
PayUBiz currently caters to 90 of the top 100 ecommerce merchants. Some of itsmerchants include Snapdeal, Jabong, Ola, Bookmyshow, Goibibo, Redbus, Myntra, Foodpanda, Groupon, PepperFry etc. 
 <keyword id="1493567" type="UNKNOWN" weightage="60" keywordseo="PayU-India">PayU India</keyword> was founded in October 2011 and is based out of Gurgaon, India. 
 
<a href="http://calgaryrealestate.ca/images/2012/05/Money-by-Nick-Ares.jpg">Image Source</a>

This Gurgaon-based startup processes half a billion dollars every month

Gurugram-based offline-to-online commerce platform <keyword id="8103952" type="General" weightage="100" keywordseo="dotpe" source="Orion">DotPe</keyword> on Monday said it has raised $58 million in its series B funding round led by Temasek. The platform, which "plans to foray into financial services", currently serves over 7.5 million brands across the country. The funding round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures while Mitsubishi &amp; Naya Capital joined as new investors. "As we keep democratising opportunities for business growth with our omni-channel solutions and making technology more affordable and accessible, we also plan to foray into financial services and further empower merchants with business loans &amp; credit lines to turbocharge their growth," said <keyword id="3204218" type="General" weightage="50" keywordseo="shailaz-nag" source="Orion">Shailaz Nag</keyword>, Co-Founder and CEO, DotPe. Founded in 2020, DotPe's merchant-base has grown over 3 times since launch. In March, DotPe secured $27.5 million (around Rs 200 crore) in Series A funding as <keyword id="6355629" type="General" weightage="50" keywordseo="google" source="Orion">Google</keyword> joined PayU and Info Edge Ventures as investors. "We look forward to empowering more Indian businesses with the benefits of digitization and co-creating a brighter future for the country's merchant community," said <keyword id="15022820" type="General" weightage="50" keywordseo="vijay-agicha" source="Orion">Vijay Agicha</keyword>, Global Head of Strategy and Growth at PayU. Started by ex-PayU Founder <keyword id="25067" type="General" weightage="50" keywordseo="nag" source="Orion">Nag</keyword> with Gyanesh Sharma and Anurag Gupta, DotPe has digitised enterprise as well as small and medium-sized business (SMB) merchants through a "full stack" solution. The company said that on the enterprise side, it has integration with over 10,000 restaurants and food courts, including leading global and domestic food and beverage brands. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/laying-off-200-engineers-to-centralise-operations-clarifies-ola-ld/articleshow/94296026.cms">Laying off 200 engineers to 'centralise' operations, clarifies Ola (Ld)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ev-battery-can-charge-in-three-minutes-a-harvard-backed-company-claimed/articleshow/94295446.cms">Harvard-backed company makes an EV battery that fully charges in three minutes</a>

DotPe raises $58 mn, plans to foray into financial services

New Delhi, Apr 10 (PIT) Consumer internet firm Prosus, which has invested in companies like Swiggy, Byju's etc, on Friday pledged to donate Rs 100 crore to the Prime Minister's relief fund for supporting coronavirus relief work. "Prosus, the global consumer internet group of Naspers, has committed Rs 100 crore to the Indian government's response to the Covid-19 crisis. The donation will be made to the 'Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund'," the company said in a statement. Prosus has invested around USD 5 billion (about Rs 37,900 crore) in Indian technology companies since 2005. Its portfolio includes Brainly, Byju's, Codecademy, eMAG, Honor, iFood, LazyPay, letgo, Meesho, Movile, OLX, PayU, Red Dot Payments, Remitly, SimilarWeb, SoloLearn, Swiggy, and Udemy. "These are unprecedented times and we want to play our part in contributing to the efforts underway in India. By working with government and civil society, we hope to help India overcome this very difficult period," Prosus and Naspers Group CEO Bob van Dijk said. In addition to its direct contribution to the PM CARES Fund, Prosus is working closely with the companies it partners with to support measures designed to help Indians affected by the situation, the statement said. Byju's has offered its learning platform for free in India until the end of April to help parents support their children's learning while away from school. On the other hand, Olx is allowing advertisements to stay on its site for an additional 30 days, at no extra cost and PayU has built a platform to enable any brand in India to start raising funds from its customers for the PM CARES Fund. "Swiggy has launched a campaign to donate meals to persons in need in India. The public can also donate to this campaign. The campaign is currently donating approximately 35,000 meals per day, with a goal of raising this to 500,000 meals per day as soon as possible," the statement said. PRS ANU

Prosus commits Rs 100 crore for PM's Covid relief fund

<keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, the mobile payments and commerce firm headquartered in Noida is looking at the coming year with hopeful eyes. As per reports, it is expecting its 110 million wallet users to add about $500 million in their wallets in 2016, which means a tenfold rise from 2015. 
 "In 2015, we saw wallets become mainstream. Next year, as more and more businesses push marketing dollar spends to cashbacks and wallets, the recharge value and frequency will steadily increase," Paytm founder <keyword id="198636" type="PERSON" weightage="100" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> told ET. 
 
This projected figure doesn’t count cashbacks that the company offers its customers when they do e-commerce transactions via Paytm. 
Sharma is expecting to see startups offering a lot of extras including loans and insurances built on top of wallets next year, which would help them competing with credit cards, if not replacing them. 
 
As per existing norms set by the RBI, Paytm has to restrict its customers to Rs 10,000 wallet recharge per month on a mobile number and email ID verification. In order to do transactions above this amount, customers need to adhere to full Know Your Customer (KYC) norms, the process of which is like opening a bank account. 
 Paytm, which was started in 2010, is backed by China's giant <keyword id="163405" type="CITY" weightage="100" keywordseo="Alibaba-Group">Alibaba Group</keyword> and affiliate <keyword id="2702533" type="UNKNOWN" weightage="100" keywordseo="Ant-Financial">Ant Financial</keyword>, and faces competition from <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword>, <keyword id="6377963" type="UNKNOWN" weightage="100" keywordseo="Freecharge">FreeCharge</keyword>, <keyword id="545632" type="UNKNOWN" weightage="100" keywordseo="Airtel-Money">Airtel Money</keyword> and <keyword id="1493568" type="UNKNOWN" weightage="100" keywordseo="PayU">PayU</keyword>, all big names in the e-wallet business. 
 
<a href="http://economictimes.indiatimes.com/photo/48155124.cms">Image source</a>

Santa’s come visiting Paytm! Its wallet size expected to increase tenfold in 2016

Consumers are trying out new methods of payments, especially <a href="http://www.businessinsider.in/searchresult.cms?query=digital+wallets">digital wallets</a>. This trend saw transactions by <keyword id="6358031" type="UNKNOWN" weightage="100" keywordseo="digital-wallets">digital wallets</keyword> grow three times between February and April. 
 
A <a href="http://www.businessinsider.in/searchresult.cms?query=RTI">Right to Information</a> application filed with <a href="http://www.businessinsider.in/searchresult.cms?query=RBI">Reserve Bank of India</a> (RBI) revealed that around 6.7 crore transactions worth Rs 1,196 crore were recorded through digital wallets in April compared with 2.4 crore payments totalling Rs 876 crore in February. 
 
The total number of digital wallets as of April 2015 is 101.86 million. Through digital wallets, people can pay through mobilephones. 
 
Economic Times reported that <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm">Paytm</a> spent around Rs 100 crore on advertising its e-wallet services during February-April. 
 "February was the time when the cricket world cup took place and we first started advertising on television. As a result, we attracted new users. While existing users have become comfortable in making high-value transactions, new users are still experimenting with the product,” Amit Lakhotiya, vice-president at <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, told ET. 
 Meanwhile, investors are attracted to the growth of digital wallets and in past few months, Paytm raised $375 million and <keyword id="143842" type="UNKNOWN" weightage="100" keywordseo="Mobikwik">MobiKwik</keyword> got $25 million. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=electronic+payment">E-wallet</a> companies MobiKwik and <keyword id="1493568" type="UNKNOWN" weightage="100" keywordseo="PayU">PayU</keyword> told the financial daily that they plan to spend over Rs 100 crore and Rs 60 crore, respectively, on advertising over the next few months to boost digital transactions. 
 
"If we created a wallet for every mobile number that ever used our platform, then MobiKwik would have 100-120 million wallets today," Bipin Preet Singh, founder and CEO of MobiKwik, told ET. 
 
(Image: Thinkstock)

You Searched For "PayU" and got 9 results

PayU to acquire controlling stake in PaySense

PTI

PayU India becomes first non-bank entity to get Bharat Bill Payment Unit license

BI India Bureau

CCI dismisses complaint against Naspers-owned PayU Payments, Wibmo

PTI

Offline-to-online commerce platform DotPe raises $27.5 million from Google, PayU and Info Edge Ventures

IANS

This Gurgaon-based startup processes half a billion dollars every month

BI India Bureau

DotPe raises $58 mn, plans to foray into financial services

IANS

Prosus commits Rs 100 crore for PM's Covid relief fund

PTI

Santa’s come visiting Paytm! Its wallet size expected to increase tenfold in 2016

BI India Bureau

Digital wallets becoming popular among consumers, reveals RTI

BI India Bureau

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