While PayU’s operations span more than 30 countries, Prosus is not selling all of these. It is selling the segment called the “Global Payment Organisation” (GPO) and will hold on to the business operations in PayU’s arguably three biggest regions – India, Turkey and Southeast Asia.

“The synergies with PayU GPO include a richer technology stack, expanded geographic licensing, and broader market reach for our combined merchant portfolios. We’re helping businesses around the world liberate global commerce, and we’re very excited to have PayU’s GPO team join us on this journey,” says Rapyd CEO and co-founder Arik Shtilman.

Recognising PayU GPO payment business’ contribution to PayU’s success, the CEO adds, “It was extremely important to us to work with a visionary company like Rapyd, one that can truly expand our solutions and meet the evolving needs of the dynamic fintech landscape across the globe.”

This sale not only brings into focus Prosus’ efforts to streamline its operations and cut out assets that are pulling it down, it also underscores Rapyd’s ambitions to build out more scale and reach globally. While strengthening its position in key vertical markets including e-commerce, logistics and transportation, this will also enable greater reach for Rapyd’s wider payments operations en route to an IPO, with a portfolio of Tier 1 enterprise clients including Adidas, Google, Ikea, Meta, Netflix, Uber, and around 100 other considerable enterprise businesses.

In its quarterly report released in June, Prosus said that its payments division generated $903 million in consolidated revenues, with India being profitable and driving the overall segment's growth rate. However, it also added that the GPO business contributed to overall trading losses of $83 million.

Indian payments business

Prosus sells piece of PayU to Rapyd; eye on Indian market