PayU conquers India. Fintech has just acquired a $ 185 million Indian online loan company.
PayU, which belongs to Naseprs, took over a controlling stake in the Indian online loan company – PaySense. The Indian PayU portfolio also includes LazyPay – lendtech offering, among others, deferred payments. The article published on TechCrunch shows that PayU plans to merge the two companies. It will be the largest merger of this type on the Indian market – we read in Techcrunch. After the merger, the valuation of both entities will be estimated at USD 300 million.
PaySense has 5.5 million customers
In the coming years, PayU plans to invest USD 200 million in Indian lendtechs. The company’s goal is to become a leader in the consumer credit industry on that market. In total, both companies, i.e. LazyPay and PaySense, granted loans in India in the amount of approx. USD 280 million. 5.5 million customers use only PaySense services. The company employs 240 employees.
The fintech sector in India is growing fast, especially the division related to online loans (lendtech). The Boston Consulting Group report shows that the digital lending market in this country will reach USD 1 trillion within 5 years.