PayU India Hived Off; Now Part of Naspers Global Payments Business

ibiboGroup has exchanged its payments business (PayU India) for a stake in Naspers’ global payments business, PayU global.

payumoneyibiboGroup which owns Goibibo.com, redBus.in, Travelboutique Online (51% stake) and Tradus.com, has exchanged its payments business (PayU India) for a stake in Naspers’ global payments business, PayU global.

According to the company, this was part of a consolidation process which seeks to unify various Naspers’ payments businesses across the world, which also include Latin America, Central/ Eastern Europe and Africa. 

ibiboGroup CEO, Ashish Kashyap and Romero Rodrigues (CEO of Buscape Group from Latin America) will join the management board of PayU global. Local country heads of payments’ businesses will now roll up to the global PayU entity

PayU India was launched in 2011. Last month, PayU India rebranded PayU Paisa to PayU Money.

Discosure: PayU Money is a sponsor on NextBigWhat.

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