The Naspers-owned company is at a loss to explain its convoluted ownership structure, even as it grapples with the regulator’s reluctance to grant it a payment aggregator licence.
It’s been a tough few months for PayU India.
In October, Prosus, its Amsterdam-based parent company, backed out of a $4.7 billion deal to acquire rival BillDesk. Also, last year, the central bank’s digital lending guidelines kicked in, forcing LazyPay (PayU’s buy now pay later arm) to rework its operations, like most other pure-play online financiers. In December, the firm also fired nearly 150 employees citing “organizational realignment”, The Economic Times reported.
The last straw was in January, when the Reserve Bank of India reportedly rejected the firm’s plea to carry on operations as a payment gateway. Last month, the …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
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ashwin@mailtmc.com
Delhi