PayU, the payments and fintech arm of Prosus, has increased its stake in Mindgate Solutions to 70%, making it the company’s majority shareholder. Founders George Sam and Guhan Muthuswamy will retain a 30% minority stake and continue leading operations.
Funding Snapshot
- PayU stake: 70% (up from 43.5%)
- Founders’ stake: 30%
- Mindgate FY24 revenue: Rs 250 crore
- Net profit: 3.6X growth in FY24
Powering UPI’s Growth
Mindgate processes 10 billion+ monthly transactions, representing over $1 trillion in annual payments. It has played a critical role in the rise of UPI, which recently crossed 20 billion monthly transactions, and provides infrastructure to banks and institutions across India, Southeast Asia, Middle East, Europe, and the UK.
Combined Strength
Mindgate’s real-time issuing and payment platforms serve 60+ global clients, enabling governments, banks, merchants, and corporates to modernize digital payments. With PayU’s merchant stack complementing Mindgate’s issuing expertise, the merged capabilities will deliver an end-to-end digital payments ecosystem.
Founders’ Edge
Sam and Muthuswamy will maintain leadership continuity, leveraging PayU’s global backing to accelerate innovation. For Mindgate, the investment ensures greater reach, capital depth, and scalability while keeping founder-led agility intact.
Market Watch
India’s digital payments ecosystem is surging, led by UPI and real-time infrastructure adoption. As regulators push for interoperability and global players eye India’s fintech model, PayU–Mindgate’s move signals consolidation to offer full-stack payment solutions at scale.
Final Take
The deal cements Mindgate’s role at the heart of UPI’s success story, while positioning PayU as a dominant player in shaping India’s next wave of digital payments innovation.
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