Prosus-owned PayU Payments Pvt Ltd on Friday reported a 51% increase in its revenue 2,130.3 crore for the financial year 2021-2022 (FY22), according to data accessed by business intelligence platform Toffler.
Fintech firm had a bottom line 126 crore in FY 2012 against a net loss of approx. 117 crores. In the last financial year, its expenditure also increased sharply by approx. 2,230 crore, which is about 46% more than the previous year.
The data further showed that PayU’s spending on employee benefits also jumped a notch in FY22 to almost 29 crore against 24.5 crore in FY 2011. However, its cost remained almost at the same level as compared to the previous financial year.
As on March 31, 2022, the total assets of the company were 1,152.5 crore, while its earnings before interest, tax, depreciation and amortization (EBITDA) remains negative 76.2 crore, decreasing from approx. 88 crore in FY21.
Earlier this month, Prosus terminated its $4.7 billion agreement to acquire the payments provider billdeskA month after the Competition Commission of India approved the deal between the shareholders of PayU and BillDesk. With the completion of the deal, PayU’s parent firm Prosus was expected to take the total investment in India to around $12 billion.
Naspers, which has invested more than $6 billion in India’s technology sector since 2005, first announced an acquisition deal last August, paving the way for the largest-ever consolidation in India’s fintech space.
Another payment systems giant, RazorPay, is in the process of increasing investments in India with the acquisition of payments-linked loyalty and engagement solutions provider Poshwin for an undisclosed amount, its fourth acquisition in 2022 and seventh overall.
catch all corporate news And updates on Live Mint. download mint news app to receive daily market update & Live business News,