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Naspers-backed PayU acquires Indian FinTech PaySense at $185 million valuation

PayUGlobal payments company PayU’s  India business has picked up a controlling stake in a homegrown FinTech PaySense at a valuation of $185 million. PayU India would be merging PaySense’s business with its credit business LazyPay in a bid to strengthen its financial offering in the country, according to reports.

Financial daily The Economic Times was the first to report in August last that PayU was evaluating plans to acquire the Mumbai-based consumer lending platform focused on short-term loans to consumers in the small Indian towns, from where the company received over 60 percent of the loan requests. It has served over 5.5 million consumers since the time of inception.

Siddhartha Jajodia, Global Head of Credit at PayU told in an interview to TechCrunch that the merger will help PayU solidify its presence in the credit business and become one of the largest players in India.

Prior to PayU’s deal, PaySense had raised about $25.6 million from Nexus Venture Partners,  and Jungle Ventures and among others. PayU also had invested around $11 million in the company’s Series B funding in 2018. PayU, in a statement to the media, has said that it would $200 million into PaySense over the next two years with around $65 million being invested immediately.

PayU has been focused on building its credit business with LazyPay, a brand that the company got with the acquisition of e-wallet Citrus Pay. The company then later rebranded it to PayU Finance. Last August, the company had also pumped in $7.1 million to expand its lending book. As part of the deal, PaySense and LazyPay will build common and shared technology infrastructure.

Prashanth Ranganathan, founder, and chief executive of PaySense, in an interview with TechCrunch, said “Overtime as the businesses get closer, we will make a call if consolidation of brands is required. But for now, we will let consumers direct us.” PaySense was founded by Ranganathan and Sayali Karanjkar in 2016.

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