PayU India turns Ebitda-positive in FY26 as payments and credit businesses surge
PayU India posted $18M FY26 Ebitda versus a $25M loss a year earlier, on revenue of $781M (+12.5%). Payments revenue rose 10% to $577M and credit jumped 19% to $204M, with TPV up 15% and transactions up 49%. The unit powers UPI checkout for Swiggy, Meesho and ixigo, anchoring Prosus's India retail-tech bets.
What happened
PayU India turned Ebitda-profitable in FY26 ($18M vs -$25M), driven by higher-margin payments VAS/SaaS and a profitable credit arm. Powers UPI payments across
Key facts
- $19M H2FY26 Ebitda
- 5% H2 Ebitda margin
- $781M FY26 revenue (+12.5%)
- $18M FY26 Ebitda
- payments revenue $577M (+10%)
- credit revenue $204M (+19%)
- Mindgate 70% stake ~$300M valuation
- TPV +15%
- transactions +49%
Why this matters
With payments up 10% and credit jumping 19%, PayU India is consolidating a profitable fintech platform anchoring Prosus's checkout ecosystem—watch for bolt-on credit or merchant-acquisition plays.
What to watch
- RBI guidance on UPI MDR and digital-lending norms
- Credit segment NPA/delinquency disclosures in coming quarters
- PayU India IPO filing or pre-IPO funding signals from Prosus
- Take-rate trend per transaction as volumes scale
- Competitive merchant pricing moves by PhonePe and Razorpay
- Prosus accelerates PayU India IPO prep, framing FY26 profitability as the listing catalyst
- Deeper UPI checkout integrations with Swiggy/Meesho/ixigo to lock in transaction volume
- Scale credit/BNPL distribution through existing merchant base to lift blended take rate
- Selective investment pullback in low-margin payment rails to protect Ebitda trajectory