PayU buys 43.5% stake in Mumbai-based Mindgate Solutions

By Gloria Methri

PayU, the payments and FinTech business of Prosus has acquired a strategic stake in Mindgate Solutions, an expert in real-time payments technology. The move is in line with PayU’s plans to expand its presence in India’s real-time payments sector while leveraging Mindgate’s expertise in driving digital payment innovations globally.

As part of this deal, PayU will acquire a 43.5% stake in Mindgate, while the company’s founders will retain majority ownership.

This investment enables PayU to contribute to the ongoing revolution in India’s digital payment landscape, driven by instant payment systems like UPI, developed by the National Payments Corporation of India (NPCI). As NPCI continues to expand UPI both domestically and globally, with a vision to process 100 billion transactions per month in India by 2030, Mindgate plays a vital role by providing the end-to-end real-time payment infrastructure stack and expertise for several leading banks in India.

As person-to-merchant (P2M) transactions increasingly dominate the payments landscape and constitute nearly 60% of all UPI transactions in India, this partnership will enable banks and merchants to meet consumers’ evolving needs through enhanced payment options, higher operational efficiency and increased revenue opportunities.

Anirban Mukherjee, CEO of PayU, said, “Through this investment, we are reinforcing our commitment to scaling ‘Made in India’ payment technologies for the global stage. Mindgate’s expertise in real-time payments complements our mission to drive the next generation of digital payment innovations. Together, we will enhance the infrastructure that supports seamless financial transactions, delivering exceptional value to banks, merchants, and consumers worldwide. This investment is also consistent with our efforts to support the Indian FinTech ecosystem by investing in promising founders and helping them build world-class platforms.”

“Our partnership with PayU is a significant milestone in Mindgate’s global expansion journey, combining our proven expertise in real-time digital payments with PayU’s extensive market reach. With a strong foundation in powering high-volume transactions and enabling seamless UPI experience, Mindgate is well-positioned to drive the next wave of innovation in digital payments. This collaboration will enhance secure, scalable payment solutions for banks, businesses, and merchants, strengthening our role as a leading player in the evolving global payments landscape,” said George Sam, Co-founder & Business Head of Mindgate Solutions.

“We are thrilled to join hands with PayU, whose global expertise and commitment to innovation align perfectly with our vision. This collaboration is a testament to the transformative work we have done and the exciting future ahead,” added Guhan Muthuswamy, Co-founder & Software Architect at Mindgate Solutions.

With a growing presence in MENA, ASEAN, Europe, and the US, Mindgate’s expertise will complement PayU’s extensive international network through Wibmo, its PayTech business, accelerating the global adoption of real-time payment technologies.