PayU India eyes $100 million revenue in FY18

Payment gateway provider, PayU India, is targeting revenue of $100 million by the end of this fiscal year. The revenue, if achieved, will make the country the largest market for the fintech company.

The company reported revenue of about $61 million for the financial year ended March 31, 2017.

Amrish Rau, CEO, PayU India, said, “In India, we are doing about Rs 6,000 crore on a monthly basis... Almost 80% of our revenue will come from our core payment business. At $100 million, India becomes the single biggest market for PayU globally."

PayU has been in India for about five years. It acquired home-grown fintech venture Citrus Pay for about $130 million in September 2016. Currently, the company competes with Paytm, Mobiquik and Freecharge.

Rau said, “At the time of the acquisition, PayU India and Citrus Pay were doing transactions of about Rs 3,300 crore cumulatively. In the past eight months, we've seen growth of 80%."

He added, "PayU India, a 100% subsidiary of PayU, which, in turn, makes up the e-payments division of South African media and technology conglomerate Naspers, is broadly targeting three areas of growth -faster payments, credit, and digital or app based banks."

Rau said, "PayU has spent about $250 million over the past five years in Asia's third-largest economy, but may consider increasing that number as it scouts for investment and acquisition opportunities to fuel growth."