Avendus advises Wibmo, a digital payments company, on its acquisition by PayU for USD 70 mn

India is a priority market for PayU and we are committed to making digital payments frictionless through our innovative products and services, supporting the Government’s vision
of a digital India. PayU’s technologically future-ready products are defining and reinventing India’s payments landscape, supporting the country’s transition to a cashless, digital economy. Through the acquisition of Wibmo, our endeavour is to positively impact and add value to the entire ecosystem including banks, consumers and merchants, with the combined service offerings of PayU and Wibmo. We will partner with leading banks to enable digital banking, merchants will gain with higher conversions rates and increased sales, and consumers will have a frictionless experience in completing digital payments transactions.

PayU has evolved within the complex payments landscape to become India’s biggest online payments processor, serving more than 350,000 merchants. We are excited to embark on this next chapter of Wibmo’s growth with PayU. By combining our track record and expertise in
payment security and mobile payments with PayU’s strong merchant network and heritage in payments, the combined entity will be focused on delivering more secure and seamless payments experience to its customers.

Wibmo's leadership and innovation in the payment security and mobile payments tech space combined with PayU's scale would enable superior offerings to its clients and end users. It has been a privilege to partner with Govind and the Wibmo team and look forward to seeing them take the business to another level under the PayU umbrella.

The deal brings together two highly complementary businesses and enables them to offer innovative financial services and new capabilities to the merchants and financial institutions, thereby helping them grow and scale. Given different capabilities and positioning in the value chain, Wibmo and PayU businesses will continue to run separately. However, both teams will work together to extract synergies and build unique business solutions from the two tech platforms. Govind Setlur, Founder and CEO of Wibmo, a strong technology leader with 30
years of management experience in Silicon Valley and India, will become a part of PayU’s leadership team, reporting into the PayU India CEO. 

The investment takes PayU’s fintech investment total past the USD 500 million mark, putting the company within the top five leading global fintech investors over the last two years.