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Online Payments

Naspers acquires PayU India online payment unit from Ibibo

Wednesday 19 February 2014 | 12:22 PM CET

Ibibo, a global e-commerce company, and South Africa-based multinational media company Naspers have reached a deal whereby the former sells its payments business PayU India in exchange for a stake in the global payments business of the latter, The Times of India reports.

Through the deal, Naspers aims at the consolidation of its local payments into a global payment group called PayU Global. The Group will be comprised of the actual local payments in countries like The Czech Republic, Poland, Hungary, Turkey, Ukraine, Panama, Colombia, Romania Mexico, Peru, Russia, South Africa and India.

Ibibo Group, which owns Goibibo.com, redBus.in, Tradus.com and Travelboutique Online (51% stake), launched its payments business, PayU India in 2011.

Founded in 1915, Naspers is a multinational media and internet group with operations in over 133 countries. Its main operations are in e-commerce, pay-television and related technologies and print media. In July 2011, Naspers purchased 70 percent stake in markafoni, a Turkish private shopping online store, via its subsidiary MIH-Allegro.
 

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