Deep Dive: PayU Boosts Strategic Involvement in Mindgate - Fueling Rapid Advancement of Instant Solutions Globally, Particularly for India
India's digital payments sector is witnessing a remarkable surge, with over 20 billion monthly transactions reported last month, particularly in real-time payment solutions like NPCI's UPI. Amidst this growth, PayU, a subsidiary of Prosus, has made a strategic move by acquiring a majority stake in Mindgate, a leading real-time payments technology company.
PayU's investment now gives the company a 70% ownership of Mindgate. Both founders of Mindgate will continue to hold a significant minority, retaining 30% of the company. This move strengthens PayU's position as a leader in digital payments platforms, providing innovative, scalable, and secure payment solutions.
Mindgate, a recipient of prestigious accolades such as the MEA Finance Awards, IBS Intelligence Awards, The Asian Banker Awards, and the 1st position in the Digital Payments Award 2024-2025 (TSP Category), conferred by the Ministry of Finance and Department of Financial Services, Government of India, has a portfolio of 60+ global marquee clients and processes over 10 billion digital transactions monthly, facilitating payments worth $1 trillion annually.
With PayU's increased stake, both companies plan to invest in India's UPI infrastructure and bring real-time payments solutions to the broader Asia Pacific and MENA regions. PayU offers digital payment solutions across 150+ online payment methods, including UPI, while Mindgate specialises in developing advanced payment solutions for banks, government institutions, merchants, and corporates.
Anirban Mukherjee, CEO of PayU, stated that the additional investment underscores PayU's confidence in Mindgate's strong performance and the vast growth potential in India's real-time payments ecosystem. Guhan Muthuswamy, Co-founder & Software Architect of Mindgate Solutions, added that with PayU's strong merchant stack complementing Mindgate's capabilities, they now have the combined advantage of addressing the acquiring side of the payments ecosystem.
George Sam, Co-founder & Business Head of Mindgate Solutions, noted that Mindgate continues to play a crucial role in the growth of India's real-time payments. Mindgate Solutions, headquartered in Mumbai, India, with regional hubs in the Middle East, Southeast Asia, and the UK, has established itself as a dominant force in UPI infrastructure in India.
PayU, the payments and fintech business of Prosus, is a global consumer internet group and one of the largest technology investors in the world. In India, PayU operations are regulated by the Reserve Bank of India. Mindgate Solutions, founded in 2008, is a trusted partner in digital payments with a dedicated team of over 1,600 payment professionals.
This partnership allows PayU and Mindgate to deepen their partnership, enhance product offerings, and further drive innovation in India's rapidly evolving real-time digital payments ecosystem. Mindgate leverages cutting-edge technologies such as microservices architecture and real-time streaming to ensure scalability, security, and reliability.
Empowering over 5 lakhs+ businesses, including India's leading enterprises, e-commerce giants, and SMBs, PayU is poised to revolutionise India's digital payments sector in collaboration with Mindgate. The future of real-time payments in India and beyond looks promising with this strategic partnership.
