With this move, the brand aims at creating a full-service financial player around credit business in the country.
“PayU have conducted internal restructuring of transferring credit business to a separate subsidiary. This is pursuant to our approval of the NBFC license, an important milestone in our credit journey,” said Jitendra Gupta, Managing Director, PayU India.
Post the separation, Gupta is expected to head the PayU Finance India as its new chief executive officer. Earlier, the company had acquired NBFC Sidvik Leasing later renamed PayU Finance India.
“Our credit products have seen some fantastic uptake among the consumers with a customer base of over one million and credit disbursals worth over INR 200 Cr ($28 million). We have ambitions to become a full-service financial player and are building a dedicated business around credit,” said the company in its official communiqué.
The newly separated entity would be headquartered in Mumbai. Over 100 employees from PayU Payments India are expected to join the new company.
PayU offers online payment services for enabling swift, easy and efficient payment process for merchants via LazyPay.