Fintech and e-payment firm PayU has made the investment of Rs 50 crore in its non-banking finance subsidiary PayU Finance, as reported by business intelligence platform Tofler who had accessed the financial data.
PayU Finance runs the LazyPay brands, which let customers pay for a product after 15 days of their purchase. In January, PayU had hived off the lending entity as a separate company.
PayU Payments received around 80 lakh shares of PayU Finance in lieu of the investment. PayU Finance sold each share of Rs 10 face value at a premium of Rs 52 apiece, according to the regulatory filings accessed by Tofler.