Prosus Generates $211M Revenue from PayU India
During the initial half of FY24, Prosus, the prominent investment firm headquartered in the Netherlands, achieved a 15% upsurge in its India revenue, reaching $211 million. This growth was driven by strong performances from payment merchants, particularly PayU's paytech division Wibmo, along with its omnichannel business. Within Prosus's core Payment Service Provider (PSP) operations, India emerges as the leading market, contributing around 48% of revenues, ranking behind GPO (Eastern Europe, Africa, and Latin America), Iyzico (Turkey), and Red Dot Payments (Southeast Asia).
PayU entered into an agreement in August to sell its GPO business to Rapyd for $610 million, with the deal anticipated to be finalized in the first half of 2024. Prosus emphasized that its payments and fintech segment achieved a 21% increase in consolidated revenue, reaching $497 million. This growth was primarily attributed to contributions from payments in India, credit operations in India, and business activities in Turkey. The total payment volume (TPV) experienced an 18% rise, amounting to $55 billion, where India accounted for 16%, while GPO, including Turkey and Red Dot Payments, contributed 21%.
Prosus acknowledged that within its payment and fintech segment, profitable core PSP ventures coexist alongside a swiftly expanding credit business in India. Despite encountering regulatory hurdles in India that affected similar PSPs, this segment delivered robust outcomes in core PSP operations and credit activities, displaying revenue growth and enhanced profitability. The regulatory challenges pertain to the onboarding of new online merchants, and Prosus is actively engaged with relevant authorities, expecting a resolution soon.
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