PayU India, the fintech firm, has grown by 31% to USD 399 million in FY23, according to its parent company, Prosus. This contributed to a 32% growth in the overall payments and fintech segment of the Dutch investment firm, driven by strong growth in its core payment service provider (PSP) business. India generated the highest revenue, with a total payment volume (TPV) of USD 58 billion, while the Indian credit business grew revenue three times to USD 83 million. Additionally, Prosus recognized a loss of USD 77 million due to losing influence on BYJU’s, resulting in shutting down its digital bank offering LazyCard.
The growth in PayU India’s business has been fuelled by the continued growth in enterprise and small and medium-sized businesses, as well as diversification into newer segments including government merchants, omnichannel, and other non-MDR (merchant discount rate) products. The Indian credit business grew by 47% compared to last year, issuing loans worth USD 742 million. Furthermore, the trading loss of PayU’s business has reduced by 63 percentage points to a close-to breakeven position of minus 12% from 3% in FY22.
On the other hand, Prosus had invested USD 576 million in BYJU’S, with the group recognizing a gain on the loss of significant influence of the associate of USD 22 million, which includes a reclassification of the accumulated foreign currency translation losses of USD 55 million. Meanwhile, the fair value of BYJU’S investment subsequent to the loss of significant influence is USD 578 million. Additionally, Prosus shut down its digital bank offering LazyCard in response to regulatory changes in India.
Overall, the Prosus Group’s consolidated revenue from continuing operations grew by 10% to USD 5.8 billion, with the biggest contributors being food delivery, payments, and fintech. The trading losses increased to USD 790 million from USD 644 million in FY22. However, the Dutch firm ensured that its trading losses were reduced by 23% in the second half of the year compared to the first half and was in line with its commitment to achieving consolidated ecommerce profitability during the first half of FY25.
