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Prosus aims to list fintech company PayU in 2025 as the Dutch investor looks to shift more focus to India. On Wednesday, it described the market as a pillar of its investment business after the blue-chip listing of food delivery and express commerce company Swiggy delivered gains of $2 billion.
PayU, wholly owned by Prosus, had initially planned to list by this year at a valuation of between $5 billion and $7 billion. “We are already late in 2024, but we hope it will be an event in 2025,” Ervin Tu, chief investment officer at Prosos, said on a call with reporters.
The payments and lending company recently emerged from a 15-month regulatory ban on new business acquisitions and received approval to operate as a payments aggregator in April. It competes with Razorpay and Walmart-owned PhonePe in India’s fast-growing digital payments market.
In a recent note to clients, UBS attributed a valuation of US$4.2 billion to PayU, up from US$3.7 billion, driven by higher trading multiples among global payments peers. Prosus sold the global business to PayU last year.
Prosus, controlled by Naspers, is an investor in several late-stage Indian startups including social commerce company Meesho and home services provider Urban Company. Its CEO, Fabricio Plosi, said more portfolio companies could go public within 18 months.
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