Paysense, a consumer credit company in India announced an acquisition by PayU (owned by Prosus), and a merger with LazyPay in an over Rs. 2100 Crore deal. This represents the largest fin tech acquisition in India. Nexus was the sole initial institutional investor in Paysense.
Nexus first partnered with Prashanth Ranganathan and Sayali Karanjkar at a concept stage of the company in 2015, and further participated in all subsequent rounds of the company. The vision was to build a venture that leverages technology and data science to facilitate consumer credit in India, a segment where conventional lenders mostly rely on paper based processes and conventional data points to grant loans.
Paysense built industry leading analytics/data science, technology and risk management platform to enable credit to the new-to-credit Indian population, and has emerged as the largest fintech consumer lender in India. The company’s focus on sound fundamentals and robust credit principles has created a strong foundation and leadership position in the market.
Prashanth Ranganathan, Founder and CEO, Paysense said, “Nexus has been a true partner for us from the concept stage. Paysense benefitted immensely from their insights and connects, and appreciation of what it takes to build a large, sustainable company from the start-up stage”.
Anup Gupta, Managing Director, Nexus added “ It has been a privilege to partner with Prashanth, Sayali and Team Paysense. They are demonstrating how technology can make an huge impact in Indian financial services landscape. We are also thankful to our co-investors in this journey. In PayU, the company has a solid partner in achieving their vision and we wish them continued success.”