Prosus-owned PayU reported a 22 per cent year-on-year (YoY) increase in consolidated revenue to USD 1.1 billion in FY24. This growth includes contributions from its acquisitions such as LazyPay, PaySense and Wimbo. Excluding these acquisitions, PayU grew by 38 per cent at the group level, driven by its operations in India and Turkey as well as India credit services.
In India, PayU’s largest market, its core Payment Service Provider (PSP) segment contributed 46 per cent to its revenue and 60 per cent to its total payment volume. Despite a pause in merchant onboarding, the company's revenue in this segment grew by 11 per cent year-on-year to USD 444 million. PayU also received authorisation from the Reserve Bank of India to onboard new merchants on its platform after a 15-month embargo.
The trading profit margin for PayU’s Indian payments business slipped to -3 per cent in FY24 from 3 per cent in FY23, mainly due to changes in the merchant and payment method mix, driven by the embargo.
The India credit segment, which offers buy-now-pay-later and personal loans, expanded its revenue by 29 per cent to USD 107 million in the year ended March 31, 2024, and initiated a pilot programme to diversify its portfolio by providing loans to small and medium businesses.
In FY24, PayU India strengthened its board by appointing independent directors, including industry experts like former HDFC Managing Director Renu Sud Karnad and Laurent Le Moal, former global CEO of PayU.
