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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

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

The fifth and final Test between <keyword id="3658" type="General" weightage="20" keywordseo="India" source="Orion">India</keyword> and <keyword id="6355981" type="General" weightage="20" keywordseo="England" source="Orion">England</keyword> at Old Trafford was called off just hours before the scheduled start of play on Friday. "Following ongoing conversations with the <keyword id="6354756" type="General" weightage="20" keywordseo="BCCI" source="Orion">BCCI</keyword>, the ECB can confirm that the fifth LVInsurance Test between England and India Men due to start today at Emirates Old Trafford, will be canceled," said the England and Wales Cricket Board (ECB) in a statement. "Due to fears of a further increase in the number of COVID cases inside the camp, India are unable to field a team and will instead regrettably forfeit the match. "We send our sincere apologies to fans and partners for this news, which we know will cause immense disappointment and inconvenience to many. Further information will be shared in due course," the statement further read. The development comes on the back of intense discussions between the Indian cricket board (BCCI) and the ECB after India's assistant physiotherapist <keyword id="807261" type="General" weightage="20" keywordseo="yogesh-parmar" source="Orion">Yogesh Parmar</keyword> returned a positive Covid-19 test on Thursday. It is also learnt that more than one India player had expressed concerns about taking the field in talks between the BCCI and the team management over the last two days. India lead the series 2-1 after a 157-run win in the fourth Test at the Oval in <keyword id="6354968" type="General" weightage="20" keywordseo="london" source="Orion">London</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/only-3-in-100-indians-have-a-credit-card-this-former-payu-india-cofounder-is-hoping-to-change-that/articleshow/86089396.cms">Only 3 in 100 Indians have a credit card — this former PayU India cofounder is hoping to change that</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/electric-vehicles-registration-are-more-than-cng-vehicles-in-last-two-months-in-delhi/articleshow/86089688.cms">EV adoption on a rise in Delhi — more registrations than CNG-run vehicles in last two months</a>

India vs England fifth test at Old Trafford cancelled due to COVID fears in the Indian camp

New Delhi, Mar 3 () Merchant commerce platform Pine Labs on Tuesday said it has appointed Amrish Rau as its chief executive officer.Rau brings fintech, entrepreneurial and corporate experience to his new role as the chief executive officer (CEO) and replaces Vicky Bindra, a statement said.Bindra, after a two-year stint as the CEO, is moving back to San Francisco and will continue to be an advisor to the company supporting strategic initiatives, it added.Rau's startup - Citrus Pay, which was funded by Sequoia India, was acquired by PayU in 2016 in one of the largest fintech acquisitions. He has also served as the managing director for First Data Asia, NCR and Siemens Nixdorf. "I am excited to welcome Amrish to the Pine Labs family. With Amrish's ability to innovate, seek out options with channels and customers we believe Pine Labs can be a true global commerce platform," Pine Labs Executive Chairman Lokvir Kapoor said.Pine Labs has evolved into offering payment acceptance technology, stored value products, in-store consumer credit and other merchant solutions in India, Southeast Asia and the Middle East. It processes payments of USD 30 billion per year and serves about 1.4 lakh merchants across about 4.5 lakh network points.Its key investors are Sequoia India, Actis Capital, Temasek, PayPal, Sofina and Mastercard. SR RUJ

Pine Labs appoints Amrish Rau as CEO

The <keyword id="498528" type="UNKNOWN" weightage="20" keywordseo="Google-tax">Google Tax</keyword>, or <keyword id="3267303" type="UNKNOWN" weightage="20" keywordseo="equalisation-levy">equalisation levy</keyword>, has been implemented from June 1, irrespective of resistance from startups and various associations. 
 
The equalisation levy aims at bringing internet giants such as Google and Facebook under the tax net for the money they make from Indian advertisers. 
 
Startups that are already facing cash crunch say this will further dent their coffers as Google and Facebook will then charge extra from them. 
 
Nitin Gupta, CEO at PayU Money, told ET the levy has come as a burden for small companies. 
 
“The big internet platforms will definitely pass on the additional cost to companies - making it more expensive for Indian companies to advertise online - since there is not many alternatives available for the advertisers,” Gupta told ET. 
 
“It will be a situation of double jeopardy for Indian companies. They will not only have to pay an extra cost but also do more compliance," Subho Ray, president of Internet and Mobile Association of India (IAMAI), told ET. 
 During <keyword id="2783177" type="UNKNOWN" weightage="20" keywordseo="Budget-2016">Budget 2016</keyword>, Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> announced that any services including online advertising, provision for digital advertising space, etc will come under the equalisation levy. 
 
On the contrary, Upasana Taku, director of mobile wallet player Mobikwik, told ET the tax will bring in clarity regarding payments to international entities. 
 
"Wiring money to the international accounts of these firms requires a lot of paperwork and rises many questions by the auditors regarding tax compliance, etc.," she told ET, adding “the tax makes sense since India is the last big open market for these companies. These behemoths are making tonnes of money working in India, so ideally, they should contribute something by way of taxes to the country.”

Google Tax is applicable from today, whether startups like it or not

IPO-bound <keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> on Thursday said it has appointed <keyword id="10052750" type="General" weightage="20" keywordseo="prakash-padariya" source="Orion">Prakash Padariya</keyword> as the Chief Information Security Officer for IT and security teams. ''In his role at OYO, Prakash will helm a security strategy for OYO's systems globally, including regions such as India, SEA (Southeast Asia), Europe, the USA and the UK,'' the hospitality technology platform said in a statement. At OYO, Prakash will lead the operations for teams working specifically for IT and cyber security services. He will also be responsible for leveraging technologies such as Big Data Analytics and Artificial Intelligence to enhance the cyber security functions. Padariya joins OYO from the Netherlands-headquartered online payment solutions provider PayU, where he had served in a similar role, the statement said. Padariya will directly report to the company's Chief Technology Officer Ankit Mathuria. ''I am super excited to join OYO at this stage where all of travel is transforming and resurging post COVID-19. I am honoured to be a part of this team and can't wait to start developing solutions to enhance the maturity of all of OYO's products to the next level of security and privacy,'' Padariya said. SEE ALSO <a href="https://www.businessinsider.in/retail/news/amazon-and-future-agree-to-discuss-an-out-of-court-settlement-after-nearly-2-years-of-legal-battle/articleshow/89968120.cms">Amazon and Future agree to discuss an out of court settlement after nearly 2 years of legal battle</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-announced-a-partnership-with-sanmina-a-us-based-electronics-manufacturer/articleshow/89960792.cms">Reliance teams up with US-based Sanmina to create a high-tech electronics manufacturing hub in India</a> <a href="https://www.businessinsider.in/business/startups/news/mobikwiks-upasana-taku-says-all-the-companies-that-made-their-grand-entry-into-bnpl-will-have-a-grand-exit-too/articleshow/89960652.cms">INTERVIEW: Mobikwik’s Upasana Taku says all the companies that made their grand entry into BNPL will have a grand exit too</a>

You Searched For "PayU India" and got 10 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

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

PTI

India vs England fifth test at Old Trafford cancelled due to COVID fears in the Indian camp

IANS

Pine Labs appoints Amrish Rau as CEO

PTI

Google Tax is applicable from today, whether startups like it or not

BI India Bureau

OYO appoints Prakash Padariya as Chief Information Security Officer

PTI

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