PayU Payments, the Indian subsidiary of Dutch technology investment firm Prosus, has reported an over 50% jump in consolidated revenue, to Rs 2,130.2 crore for the financial year 2021-2022 (FY22).
It clocked a net profit of Rs 125.8 crore in FY22.
The company had reported Rs 1,415.67 crore in consolidated revenue for the fiscal year ended March 31, 2021 (FY21). It had also reported net losses of Rs 114.6 crore for the same period.
Total revenue from operations grew to Rs 2,099.4 crore in FY22 from Rs 1,393.8 crore in the year-ago period.
Total expenses rose to Rs 2,229.5 crore in FY22 compared to Rs 1,530.3 crore in FY21.
Prosus said earlier that revenue from PayU globally grew by 45% year-on-year to $796 million for FY22, on the back of “strong performance in the India payments business and a strong recovery in credit”.
It added that total payment value (TPV) clocked during the year by the Indian subsidiary grew 66% to $43.8 billion on account of diversification in the merchant portfolio into segments such as financial services and bill payments.
As of June, PayU India’s lending business has 62 million users, with a total of 46,000 active merchants on the platform, Prosus said in its investor presentation during its FY22 results announcement earlier in the year.
In recent months, the Reserve Bank of India’s directive against loading of prepaid payment instruments (PPIs) with credit lines has caused LazyPay, PayU India’s lending arm to make changes in its business model around its card offering, LazyCard.
In July, ET reported that LazyPay also had to suspend its buy-now-pay-later (BNPL) payment product LazyPlus UPI, amid rising regulatory concerns for card-based credit fintech firms.
Earlier this month, Prosus also terminated the mega $4.7 billion acquisition of online payments gateway firm BillDesk by PayU Payments.
The firm’s decision to pull out of the deal came barely a month after India’s anti-trust regulator – the Competition Commission of India (CCI) – approved the contours of the deal first announced in August 2021.
