Naspers merges PayU India with global payments business
Naspers, which controls Gurgaon-based ibiboGroup, which runs a string of e-commerce platforms including Goibibo.com, redBus.in, Travelboutique Online and Tradus.com in India, has moved its payments business PayU India Internet Pvt Ltd to its global payments solution unit.
As part of the transaction, ibiboGroup CEO Ashish Kashyap will join PayU global's management board.
Started in October 2011, PayU India is part of Naspers Group and claims to be the number one payments company in the e-commerce category in the country as of now. It is currently serving more than 8,500 businesses in India, up from 5,000 merchants in November 2013.
Its clientele includes companies across various industries such as BookMyShow, Snapdeal, Micromax, HUDA water board, Amity University, Religare Insurance besides two other sister firms Goibibo and redBus. Headquartered in Gurgaon, the company also has regional offices in Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Pune, Jaipur, Ahmedabad and Shimla.
PayU India recently renamed its flagship product PayUPaisa to PayUMoney to position itself to become a global brand and reach out to an international audience. Early this month, it launched a wallet service called 'PayUMoney wallet' for online shoppers in India, which will enable consumers to pay through normal payment methods like credit card, debit card or net banking and get rewarded on every transaction.
(Edited by Joby Puthuparampil Johnson)