Naspers’s payments and fintech business PayU is planning to list in India at a valuation of $6-6.5 billion, reported Moneycontrol on Wednesday.
The company plans to present its draft red herring prospectus (DRHP) to the country’s market regulator by the year-end or early next year, according to the report.
Yesterday, PayU announced that it has agreed to sell its Global Payments Organisation (GPO) business to London-based fintech Rapyd so that it can focus more on the large payments and fintech opportunities in India.
The sale follows the recent strong performance turned in by Prosus’s payments and fintech segment, which posted consolidated revenue growth of 52% to $903 million in FY23.
The firm is currently directing its investments to the Indian market, where it claims to be the leading payments provider, serving more than 450,000 merchants and more than two million credit customers, delivering 42% year-on-year growth in the last year alone.
The fintech had announced two key appointments in 2020 to further fortify its Indian leadership team. PayU also hired Arvind Agarwal as its CFO in November last year. Agarwal was the former CFO of Indian fashion retailer Nykaa.