Digital payment provider PayU India has witnessed a rise of 92 per cent in its revenue in fiscal ending March this year.
The digital payments firm owned by South Africa’s Naspers revenue climbed to Rs 588 crore from Rs 306 crore, according to the company’s regulatory filings accessed by Tofler.
Early this month, Naspers halfyearly financial hailed PayU India for contributing more than half of the overall business. It valued PayU India at over $2.5 billion. Overall, it saw a 35 per cent increase in the number of transactions processed, to over 400 million, generated total payment transaction value exceeding $14 billion, noted the report.
In the last two years, the company has seen rapid growth in the payments business and has accelerated its credit business as well. Till September this year, PayU India processed payments of around Rs 8000 crore monthly. About 2 per cent of PayU India revenue comes from its credit business.
According to Amrish Rau CEO of PayU India, the payment firm has more than a 50 per cent market share in e-commerce payments and are now getting close to 1 lakh pay-later transactions per day with its online personal loan product LazyPay. One-and-half-year-old, LazyPay claims to have partnered with over 100 merchants across food, travel, entertainment and bill payments.
Besides, the company owns minority investments in PaySense and ZestMoney, both together claim to issue $14 million loans every month.
In India, PayU provides a payment platform to more than 3,00,000 merchants, with its main verticals being airlines and e-commerce.
According to an estimate, about $500 billion will flow digitally in India in the next two years. This offers a big opportunity for PayU in the country. The fintech major is also planning to make the investment in insurance and wealth management.
PayU competes with BillDesk, CCAvenue among others in the country.
