Online payment company PayU is in the process of acquiring a controlling stake in PaySense, an Indian digital credit platform, for an equity valuation of USD 185 million.
As reported by Economic Times, the entire dealing will be done in cash and put the payment giant in control of 80% of PaySense’s stocks. Currently, PayU owns 20% of the stocks in the credit platform.
The Prosus-owned payments giant will buy the PaySense stakes from all existing venture capitals and venture capitals which include Nexus Ventures Partners, Jungle Venture, and Rocketship as all of them decided to exit the company. The buyout will be done in two stages.
With the acquisition, the payments company has decided to merge its lending business LazyPay with PayU.
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