{"id":3290,"date":"2020-01-11T17:43:43","date_gmt":"2020-01-11T17:43:43","guid":{"rendered":"https:\/\/jobbinghood.com\/finance\/2020\/01\/11\/payu-buys-paysense-to-merge-it-with-lazypay\/"},"modified":"2020-01-11T17:43:43","modified_gmt":"2020-01-11T17:43:43","slug":"payu-buys-paysense-to-merge-it-with-lazypay","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2020\/01\/11\/payu-buys-paysense-to-merge-it-with-lazypay\/","title":{"rendered":"PayU buys PaySense, to merge it with LazyPay"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"article-image\">\n<figure><img fetchpriority=\"high\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-1803711 size-full\" src=\"http:\/\/www.financialexpress.com\/wp-content\/plugins\/a3-lazy-load\/assets\/images\/lazy_placeholder.gif\" data-lazy-type=\"image\" data-src=\"https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1.jpg\" alt=\"PayU, PaySense, LazyPay,\u00a0Industry news\" width=\"660\" height=\"440\" srcset=\"\" data-srcset=\"https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1.jpg 660w, https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><noscript><img decoding=\"async\" class=\"wp-image-1803711 size-full\" src=\"https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1.jpg\" alt=\"PayU, PaySense, LazyPay,\u00a0Industry news\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1.jpg 660w, https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2019\/12\/fe-Mobile-phones1-401x267.jpg 401w\" sizes=\"(max-width: 660px) 100vw, 660px\"\/><\/noscript><span class=\"article-caption\">Nexus Venture Partners, Jungle Ventures, and Rocketship.vc were the other investors in the company, besides PayU.<\/span><\/figure>\n<\/div>\n<p>Online payment service provider PayU on Friday announced that it would acquire a controlling stake in PaySense in an all-cash deal, and merge the financial services start-up with its consumer lending business LazyPay.<\/p>\n<p>After acquiring a controlling stake in Mumbai-based PaySense at a valuation of $185 million, PayU would infuse up to $200 million in the new enterprise in the form of equity capital. Out of this, $65 million of the total amount will be immediately invested, while the rest will be infused in the next 24 months to grow the loan book, a statement said.<\/p>\n<p>As part of the deal, Prashanth Ranganathan, currently CEO of PaySense, would lead PayU\u2019s credit business in India as the CEO of the new enterprise. He would continue to retain a stake in the merged enterprise, while all the other investors and shareholders will exit. Nexus Venture Partners, Jungle Ventures, and Rocketship.vc were the other investors in the company, besides PayU.<\/p>\n<p>\u201cPayU\u2019s understanding of consumer backgrounds and insights into their purchase behaviour and affluence levels from its payment gateway business, and LazyPay\u2019s deep experience in driving customer acquisition and engagement combined with PaySense\u2019s strong analytics, tech and risk management capabilities will enable the combined entity to serve more of the new-to-credit Indian population,\u201d it said. The unified digital credit platform will enable third parties such as banks, NBFCs and alternate lenders to co-lend and grow assets, it added.<\/p>\n<p>PaySense has assets under management worth over Rs 500 crore, and has over 5.5 million registered customers with loan disbursement of over Rs 1,100 crore, the release said.<\/p>\n<p>Siddhartha Jajodia, global head of credit, PayU, said: \u201cThis merger is the next step in our journey as we accelerate our vision for credit in India. We\u2019re delighted to welcome Prashanth and his experienced team as we integrate this fast-growing business and build a full-stack digital lending platform aligned with PayU\u2019s overall plan of orchestrating a broader fintech ecosystem in the region.\u201d<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from BSE and NSE and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"http:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\" https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\" https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/><\/p>\n<div class=\"jobbi-after-content-jh-placement jobbi-entity-placement\" id=\"jobbi-3859850590\"><div id=\"jobbi-332446182\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5862940809620110\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-5862940809620110\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>[ad_1] Nexus Venture Partners, Jungle Ventures, and Rocketship.vc were the other investors in the company, besides PayU. Online payment service provider PayU on Friday announced that it would acquire a controlling stake in PaySense in an all-cash deal, and merge the financial services start-up with its consumer lending business LazyPay. After acquiring a controlling stake [&hellip;]<\/p>\n","protected":false},"author":348,"featured_media":3291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-3290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry"],"_links":{"self":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/3290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/users\/348"}],"replies":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/comments?post=3290"}],"version-history":[{"count":0,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/posts\/3290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media\/3291"}],"wp:attachment":[{"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/media?parent=3290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/categories?post=3290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobbinghood.com\/magazine\/wp-json\/wp\/v2\/tags?post=3290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}