PayU takes over PaySense for $185 million
2020-01-11
The digital payments gateway provider, PayU for an amount of $185 million bought a major controlling stake in Nexus Venture Partners-backed fintech start-up PaySense. PayU will merge it with its credit business LazyPay to build a full-stack digital lending platform in the country.
As equity capital, PayU will invest $200 million in the new enterprise. Out of this $200 million, $65 million will be immediately invested, while the rest will be infused in the next two years.
As per the deal, Prashanth Ranganathan, founder of PaySense will spearhead PayU’s credit business in India as the CEO of the new entity. He will continue to retain a stake in the merged enterprise while all the other investors and shareholders will exit.
PaySense, which provides instant loan of up to Rs 5 lakh has over five million registered customers with loan disbursement of over Rs 1,100 crore.
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