India, Sept. 18 -- Months after it acquired a 43% stake in Mindgate Solutions, digital payments major PayU has bought an additional 27% stake in the company. With this, PayU now owns a majority 70% stake in Mindgate.

The deal valued Mindgate at around $300 Mn, ET reported. The remaining 30% stake in the digital payments infrastructure company is held by its cofounders George Sam and Guhan Muthusamy, who will remain at the helm.

PayU CEO Anirban Mukherjee told ET that the company intends to propel Mindgate towards building and strengthening credit products on UPI.

Without disclosing exact figures, he noted that Mindgate's transaction volume grew 50%, revenue 40%, and EBITDA 2X in FY25 compared to FY24. As per Tofler, Mindgate posted a n...