The first and biggest startups investments in 2020 comes from PayU which has invested to buy a major stake in Paysense at $185 million valuation. The Netherlands based company is optimistic about its business growth in India with this new investment. It plans to merge the business with its Lazypay, a personal loans and “shop now pay later” business startup.
PaySense is an Indian fintech startup which gives instant loans to the customers through its website and app as the interface. It claims to have disbursed more than 1,20,000 loans valued over 1000 crore rupees. Paysense has partnered with Fullerton India, Northern Arc and IIFL for the operations.
Earlier in 2017 and 2018 PayU invested in Paysense along with the other investors like Jungle Ventures and Nexus Venture Partners. The current 2020 equity capital investment by PayU gives it the majority stake in the company.
The new entity after the merge of Paysense and Lazypay will be headed by PaySense founder Prashanth Ranganathan as CEO.
The growing ecosystem of ecommerce has ignited the rise of fintech companies in India. These companies claims to give easy loans to customers without much hassle in less than 24 hours. The growth of the payments and fintech companies in India has attracted global investors. These firms earn revenue from the payments, lead generations, service fee, P2P lending and commissions.