According to statistics accessed by business intelligence platform Tofler, Prosus-owned PayU Payments Pvt Ltd on Friday claimed a 51% increase in its revenue at Rs.2,130.3 crore for the financial year 2021–2022 (FY22).
In FY22, the fintech company’s bottom line was 126 crore against a net loss of around Rs.117 crore. Its expenses have increased significantly in the most recent fiscal year, rising by almost 46% to about Rs.2,230 crore from the year before.
The report also revealed that PayU increased its spending on employee benefits from Rs.24.5 crore in FY21 to around Rs.29 crore in FY22. However, in comparison to the prior fiscal year, its costs stayed roughly flat.
The company’s net worth as of March 31, 2022, was Rs.1,152.5 crore, but its EBITDA, which measures profits before interest, taxes, depreciation, and amortisation, is still negative at Rs.76.2 crore, down from around Rs.88 crore in FY21.
An agreement between Prosus and BillDesk’s shareholders to be acquired by PayU for $4.7 billion was cancelled earlier this month, one month after the Competition Commission of India approved the deal. The closing of the agreement was anticipated to raise Prosus, the parent company of PayU, to around $12 billion in total investments in India.
Naspers first announced the acquisition deal last August, clearing the way for one of the greatest consolidations in India’s fintech sector. Naspers has invested more than $6 billion in India’s technology sector since 2005.
With the acquisition of payments-related loyalty and engagement solutions provider PoshVine for an unknown sum, Razorpay, another industry titan in the payments sector, is stepping up its investments in India. This will be the company’s fourth acquisition in 2022 and seventh altogether.