Overview

• PayU lifted its holding in Mumbai-based Mindgate to 70% after buying roughly 27% more equity.
• Co-founders George Sam and Guhan Muthuswamy retain a combined 30% stake and will continue to run the company.
• The Economic Times reported a valuation of about $300 million for the deal, though neither side disclosed terms.
• PayU plans to pair Mindgate’s UPI and real-time payments infrastructure with its merchant platform to build out credit on UPI.
• Recent metrics cited by the companies include FY25 volume up 50%, revenue up 40% and EBITDA doubling at Mindgate, FY24 profit of INR 23 crore on INR 260 crore revenue, plus INR 1,315 crore of fresh Prosus funding for PayU India and a narrower FY25 loss.