MobiKwik denies acquisition talks with PayU, will eye fresh funding

Bengaluru: Digital payments service provider MobiKwik has denied holding acquisition talks with Naspers-backed payment gateway PayU, and is instead eyeing a fresh fundraise, a company spokesperson told Mint without revealing names of investors.

A Times of India report on Tuesday said Gurgaon-based MobiKwik held discussions with PayU to sell off its payment gateway business ‘Zaakpay’ for $50-$60 million. The report quoted a PayU spokesperson who also denied being in talks with MobiKwik for any buyouts.

“MobiKwik continues to sustain rapid growth, has diversified into financial services – and as a result is the first Indian fintech company to breakeven at scale.