Digital payments company PayU India has announced the rise of USD 35 million in a new funding round from its parent firm.
Following this announcement, the fund infusion has involved 48.68 million fully paid equity shares at approximately USD 0.7 (INR 62.21) each. This includes a nominal value of USD 0.12 (INR 10) and a share premium of USD 0.61 (INR 52.21), as the shares were issued for cash consideration and rank equally with the firm’s existing equity shares.
In addition, the company is expected to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
More information on PayU India’s USD 35 million funding round
PayU, an Indian payment solutions provider, represents a regulated institution under the Reserve Bank of India that provides its customers and clients with a suite of solutions that meet the digital payment needs of the Indian market. PayU India was developed in order to design a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers (including merchants, banks, and users) through the use of technology.
MIH Payments Holdings represents a part of the broader Prosus group and has been actively backing PayU's efforts and strategy to expand its presence in India's overall competitive digital payment landscape. Following this new funding round, the company aims to leverage the new investment in order to accelerate its development process, as well as optimise the overall customer experience in the local financial landscape.
