Gurgaon-based PayU India Internet Pvt Ltd, which offers an online payment solution for individuals and businesses under PayUMoney, claims the number of merchants on its network has crossed the 1,00,000 milestone.
The exact number of merchants is 1,10,000 at present, it said.
PayUMoney had recently launched two categories for its merchant base. The first one was for merchants with limited capital who are trying to set up their businesses and want to adopt online payment solutions. The second category was for small startups, who have had an initial round of funding, and were looking at integrating an online payment system.
“We realised that it makes no sense having millions of consumers and a small merchant base catering to them. A balance between the two must be maintained in order to even out the chaos that could be created, when millions of users are dependent on some 50,000-odd merchants,” said Nitin Gupta, CEO and co-founder of PayUMoney.
PayUMoney also offers services such as email invoicing, SMS invoicing, web front, web store, events tool, PayUMoney Button and PayUMoney app to merchants.
PayUMoney’s client list includes Goibibo, Snapdeal, Bookmyshow, Jabong, Ferns n Petals, Freecharge, Zomato, Domino’s, Redbus, Rechargeitnow, Micromax Mobiles and Groupon India among others.
PayU India was started in 2011 as a unit of Gurgaon-based Ibibo Group, which is controlled by Naspers Group.
In February 2014, Ibibo hived off PayU India to Naspers for a stake in the global payments business of the Cape Town-based conglomerate. In India, PayU competes with the likes of Paytm, Mobikwik and others.
The company recently appointed Snapdeal’s Akash Moondhra as its CFO. Also, McKinsey & Co’s Raj Kamal joined the company as vice president of strategy while Sanjeev Sandhu was appointed as business head of PayU Global’s technology solutions business. It had also appointed Prabhakar Tiwari as chief marketing officer.