The company, which has over 250,000 merchants signed up on its platform, reported earnings of USD 61 million for the fiscal year ending in March 31, 2017
PayU has been active on the Indian market for about five years, but the companys burst came after it acquired local fintech-startup Citrus Pay, in September 2016. Apart from its acquisition of Citrus Pay, PayU made investments in consumer lending app ZestMoney in February 15, 2017, and in May 10, 2017, its parent, PayU, pumped in USD 120 million in German alternative lending startup Kreditech. The investment was made primarily with the objective of having the German company launch its product in India.
The government’s policy of demonetization has encouraged India’s online payments sector, which according to an industry report, Digital Payments 2020, released by Google and the Boston Consulting Group in 2016, is expected to reach USD 500 billion by 2020, contributing 15% to the country’s GDP.
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