PayU India reports $400 million in revenue for FY23

PayU’s lending division LazyPay has around 4.4 million customers.

Prosus-backed PayU India has reported $400 million in revenue for the financial year ended in March 2023, a growth of 31 percent, the company said in a statement.

PayU India facilitated more than 1.2 billion transactions with a Gross Transaction Value (GTV) worth $39 billion at a growth rate of 30 percent year-on-year.

PayU said that its India credit business grew 112 percent to reach a loan book of $256 million at the end of FY23. A large segment of the growth came from the growth in personal loans, which saw its revenue grow by three times to $83 million, a growth of 196 percent year-on-year, largely through growth in personal loans, the company added.

PayU’s lending division LazyPay has around 4.4 million customers.

The payment gateway firm reported a trading loss of $10 million owing to the shutting down of LazyPay's card business after regulatory changes.

PayU’s business is close to breakeven, the Prosus said in its annual report.

“In FY23, in response to changes in regulations, the group stopped its digital bank offering (LazyCard), which contributed the largest part of the credit business’ trading loss. As a result of the closure, the India credit metrics exclude LazyCard. The group continues to look for new opportunities to invest in further product diversification,” the report added.

In January, the Reserve Bank of India asked PayU India to reapply for the payment aggregator license, following which PayU paused onboarding new merchants for its online payment aggregation business.