India, Sept. 8 -- Prosus-owned fintech major PayU is reportedly planning to raise $250 Mn to $300 Mn (about INR 2,200 Cr to INR 2,640 Cr) ahead of its public listing.

The company is planning to onboard new investors ahead of its IPO to diversify its shareholder base, Moneycontrol reported. Besides, the fundraise will help "gauge investor demand and set a valuation benchmark" before the planned public listing.

"PayU is looking to raise approximately $250 Mn to $300 Mn to diversify its shareholder base and strengthen its market position as it gears up for its IPO. The company has recently strengthened the board to reinforce governance and is taking additional steps to support sustainable growth," a source was quoted as saying.

However, t...