PayU is now achieving a controlling stake in the fintech startup named PaySense at the valuation of $185 million as well as is planning to join it with the credit business named LazyPay being the largest payments processor of the nations and to expand the financial services aggressively. On Friday, the Prosus-owned payments giant said that they would pump an amount of $200 million and $65 million of that $200 million is being invested immediately into newer enterprise in form of equity capital for the following 2 years. According to a top executive, the PaySense employs around 240 people and serves over 5.5 million consumers to date.
Before the announcement announced today, PaySense raised around $25.6 million from the Nexus Venture Partners as well as Jungle Ventures among the others. PayU became an investor in 5 years old startup’s Series B financing round of 2018. The merger will aid the PayU to solidify the presence in credit business and to become one of the greatest players – said by Siddhartha Jajodia who is the Global Head of Credit at the PayU. He also said that would be the largest merger of their kind in India, and the combined entity was valued at the amount of $300 million.
The PaySense enables the consumers to secure the long-term credit to finance their new vehicle purchases as well as other expenses. Some of the offerings also overlap with the offerings of LazyPay that concentrates on providing a short-term credit to the consumers to facilitate the orders on the food delivery platforms and some other services as well.