PayU likely to acquire MobiKwik’s payment gateway business

Naspers-owned digital payments wing PayU is in discussions with MobiKwik for acquiring its payment gateway business, valuing it around $45-50 million, reported The Economic Times.

PayU

Reports also suggest that other strategic and financial investors are in talks for buying the fintech firm’s payment business.

MobiKwik is in major competition with competitors Paytm, Flipkart-owned PhonePe and Google Pay in a highly competitive digital payments domain.

Its payment gateway subsidiary, Zaakpay, is also in search for fresh funding. It held discussions with potential investors, reported ET.

MobiKwik runs card transactions for merchants. The company also has a mobile wallet service. It sells micro insurance products, and provides mutual fund investments and digital credit.

PayU is owned by South African internet group.

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