Mswipe Technologies, leading portable point of sale service provider in India, has acquired the offline merchant business of PayU. The new formed partnership will enable both the companies to use each other’s expertise to enable both online and offline payments. No financial details of this deal was disclosed.
Prior to the deal, PayU had a significant offline presence with over 9000 vendors using their offline solutions. Post the acquisition, the offline user base will move to Mswipe which will continue to expand riding over its own and the newly acquired PayU’s business.
Speaking on the development, PayU CEO Amrish Rau stated that his company has been working on providing some great solutions for the online payments and wanted to remain focused at one goal. To enable this, there was a need of a partner who could manage their offline side. Mswipe has been touching great milestones in the offline space and the partnership will benefit both the companies.
He further added that PayU has over 3,00,000 merchants online and a portion of them have need to set up offline payment system too. With a partner like Mswipe, they’ll be able to complete a portfolio of services to offer. Also, majority of Mswipe customers are MSMEs working in the offline sector, PayU can cater to their online needs as and when they plan to grow.
Manish Patel, CEO – Mswipe said that maintaining a leading position in both online and offline market is tough as both the markets needs completely different strategies. This partnership with PayU will help both the companies to focus on their respective areas and will mutually benefit both.
Mswipe has been in talks with RNT Capital advisors lately to raise a decent amount of funds. RNT Capital Advisors is an investment platform initiated by Ratan Tata.