PayU

6% of total workforce of Prosus-backed firm reportedly asked to go

The layoffs were undertaken to realign the teams locally

"We are excited to welcome Arvind to our leadership team," said Prosus-owned PayU India in a statement

Technology investor Prosus on Wednesday reported widening of its consolidated trading loss to USD 80 million, about Rs 654 crore, on account of investment in PayU India business during first half of the current fiscal. The Netherlands-based investor firm, however, registered a 59 per cent growth in total payments volume (TPV) at USD 28 billion, about Rs 2.29 lakh crore, in India. PayU revenue increased to USD 183 million, about Rs 1,497 crore. "Consolidated trading losses expanded to USD 80 million, as we continued to invest in growing our credit operations in India. In India, our largest payments market, TPV grew 59 per cent to USD 28 billion, and revenue increased 48 per cent to USD 183 million, following increased digitalisation in e-commerce, financial services and bill payments, and a rebound in post pandemic travel," the company said. The Prosus group's overall trading loss widened to USD 1.4 billion during the reported period from USD 2.8 billion a year ago. The revenue of

These include products like smartphones, wearables, large appliances, smart televisions, and washing machines

PayU's expansion plans which it had charted out based on the acquisition have been put on hold for over a year

Prosus has been a long-term investor and operator in India, putting in close to $6 billion in Indian technology companies since 2005

Global telecom gearmaker Ericsson's senior vice-president Nunzio Mirtillo believes that India will see one of the fastest 5G adoptions in the world

The Adani Group stocks had been major outperformers so far this calendar year, hence the current selling can be attibuted to profit-taking at these counters

The firm currently serves over 7.5 million brands including McDonald's, 24 Seven and Taco Bell

BillDesk, founded in 2000, is an Indian success story and one of the leading payment businesses in the country

The deal is slated to become the second largest acquisition in the Indian digital space, after Walmart's $16-bn buyout of e-commerce behemoth Flipkart in 2018

Changes to deal structure possible, say experts

Mastercard said it worked with 45,000 merchants, 34 issuing banks, 10 acquiring banks, and 30-plus token requestors (including all major payment aggregators) to create 90 million tokens

Vayana Network as part of its Series C round had already raised Rs 283 crore from new and existing investors

The BNPL platform said it is on track to grow three-fold in monthly disbursals to Rs 300 crore in January on a year on year basis.

Solution has been built by PayU and Wibmo, a PayU-owned full stack global PayTech firm, in partnership with major card networks such as Visa and MasterCard, and top issuing banks

In a span of a day M N Srinivasu (Vasu), Ajay Kaushal and Karthik Ganapathy have become the latest demi-gods of Indian entrepreneurial story

'We want to build a platform that can be used by others as well', said Mukherjee

So far, the company has disbursed about $300 million in credit and it now wants to add new products