Prosus-owned payments and fintech business Pay U has bought a 43.5% stake in Mindgate Solutions, while shares of TBO Tek dropped by around 5% after overseas investors Augusta TBO and Korea Holdings move to sell a 3.1% stake in the company.
Pay U buys 43.5% stake in Mindgate Solutions
Prosus-owned payments and fintech business Pay U has acquired a 43.5% stake in Mumbai-based digital payments company Mindgate Solutions.
The deal will help the firm to scale its digital payment solutions and expand its presence in India.
Pay U enables businesses to collect payments across over 150 payment methods including credit cards, debit cards, net banking, pay later, QR, UPI, and wallets, among others. The move comes at a time when Pay U has planned for its public listing in the second half of this year.
Since its inception in 2008, Mindgate has been a significant force in UPI facilitating payments worth $1 trillion annually. Besides India, the firm has a presence in the Middle East and a growing footprint in Europe, the UK, ASEAN, and the US.
Shares of TBO Tek slips 5%
Shares of travel tech company TBO Tek plunged by around 5% as its overseas investors Augusta TBO Singapore and Korea Holdings plan to sell a 3.1% stake in the company and raise around $46.5 million (Rs 400 crore) through block deals.
Shares of the company were trading 4.82% lower at Rs 1,208.55 on the National Stock Exchange NSE at 9:53 am. The shares closed at Rs 1210 today, down by 4.7% from the close of trading yesterday.
August TBO Singapore owned a 9.71% stake in the company, while TBO Korea Holdings held a 5.5% stake, as of December 31, 2024. The company got listed in May last year at Rs 890 ($10.32) per share, at a 55% premium, but has fallen over 27% year-to-date.
