PayU plans India IPO, eyes $6 billion valuation
Fintech firm PayU, backed by Prosus, is gearing up for an Indian listing next year with a potential valuation of $6-6.5 billion. The company saw impressive growth, with revenues hitting $400 million for the financial year ending March 2023, a 31% increase. PayU is expected to release a draft red herring prospect (DRHP) by the end of 2023 or early 2024.
Prosus streamlined assets to focus on PayU IPO
Prosus has been streamlining its assets since last year, preparing for PayU's IPO. PayU has a strong presence in India, with subsidiaries like payment authentication platform Wibmo and non-banking financial company PayU Finance. On August 1, PayU announced the sale of most of its international businesses outside India to Rapyd for $610 million, intending to concentrate on Indian payment and credit opportunities.
PayU appointed former Nykaa CFO in preparation for IPO
The appointment of former Nykaa CFO Arvind Agarwal as its CFO was aimed at preparing the company for an IPO. The fintech firm wanted someone with Indian experience at its helm. News about PayU's potential IPO comes at a time when rival fintech company PhonePe is also gearing up for an IPO. PayU is yet to appoint investment bankers for the IPO.
