PayU acquires 43.5% stake in Mindgate Solutions

PayU, a fintech company backed by Prosus, has acquired a 43.5% stake in Mindgate Solutions. The deal's financial details were not disclosed. Mindgate, based in Mumbai, is known for its real-time payment technology and serves major banks in India. Founded in 2008, Mindgate processes over 8 billion transactions each month. The founders will keep the majority share in the company. PayU aims to enhance payment infrastructure and support seamless financial transactions. CEO Anirban Mukherjee emphasized the company's commitment to strengthening the Indian fintech ecosystem. Mindgate reported a significant revenue increase in FY24, reaching ₹256.6 crore, up from ₹191.3 crore the year before. Net profit also rose to ₹23.2 crore, compared to ₹6.5 crore in the previous year. The company is expanding its presence in regions such as the Middle East, North Africa, and Europe, which aligns with PayU’s global strategies. Co-founder George Sam called the partnership a key step in Mindgate’s global expansion. He highlighted the combination of real-time digital payments expertise and PayU's market reach. Co-founder Guhan Muthuswamy expressed enthusiasm for collaborating with PayU, noting that it aligns with their vision for future growth.