PayU buys PaySense for $185 mn in India’s largest fintech acquisition deal

In India’s largest fintech acquisition deal, digital payments gateway provider PayU has acquired a controlling stake in Nexus Venture Partners-backed fintech start-up PaySense at a valuation of $185 million. As part of the transaction, PayU will merge it with its credit business LazyPay to build a full-stack digital lending platform in the country.

Naspers-backed PayU will also pump in $200 million in the new enterprise in the form of equity capital of which $65 million will be immediately invested, while the rest will be infused in the next two years.

“This merger is the next step in our journey as we accelerate our vision for credit in India as we integrate this fast-growing business and build a full-stack digital lending platform aligned with PayU’s overall plan of orchestrating a broader fintech ecosystem in the region,” said Siddhartha Jajodia, Global Head of Credit, PayU.