Akshata Sharma
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Prosus-owned PayU India's revenue grew 11% year-on-year (YoY) to $444 Mn in the financial year 2023-24 (FY24), the investment group said in its annual report
However, this was lower than the 31% revenue growth in FY23 and over 40% jump in FY22 as the company was unable to onboard new merchants due to its pending payment aggregator application with the Reserve Bank of India (RBI).
PayU received an in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA) in April 2024. Only after the nod, which came after a 15-month "embargo", the fintech company was allowed to onboard new merchants for its payments business.
Prosus attributed the growth in the revenue of India business to rise in volumes from its existing merchant user base and growing "value added" services. The company also said that PayU India's total payment value (TPV) grew 22% YoY.
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