PayU India records FY23 revenue of $400 million: Reports

PayU India, a leading payment gateway firm, announced that it facilitated over 1.2 billion transactions with a Gross Transaction Value (GTV) of $39 billion, marking a 30 percent year-on-year growth. The company's India credit business experienced impressive growth, expanding by 112 percent and reaching a loan book value of $256 million by the end of FY23. A significant portion of this growth was attributed to personal loans, which saw a remarkable three-fold increase in revenue, reaching $83 million and achieving a 196 percent year-on-year growth. PayU's lending division, LazyPay, now serves approximately 4.4 million customers.

Despite these positive results, PayU reported a trading loss of $10 million. This loss was primarily attributed to the closure of LazyPay's card business following regulatory changes. The company stopped offering its digital bank product, LazyCard, in response to regulatory adjustments. As a result, the trading loss associated with LazyCard was excluded from the India credit business metrics. PayU remains committed to seeking new opportunities for investment and product diversification.

Earlier in the year, the Reserve Bank of India requested that PayU India reapply for its payment aggregator license. As a result, PayU temporarily halted the onboarding of new merchants for its online payment aggregation business. The company continues to work towards meeting the regulatory requirements set forth by the Reserve Bank of India