Payu

Xiaomi plans to float its financial services unit as an NBFC

The company will offer consumer loans to people who purchase electronics, home appliances etc

It will also give credit to corporates for purchasing goods, merchandise etc

Existing investors PayU, Ribbit Capital and Omidyar Network also participated in the round

The company plans to strengthen its technology and data science capabilities

ZestMoney will also work to expand use cases for the core ZestMoney Affordability Product

• DOT announced to sought recommendations to block social media applications such as Facebook, Whatsapp, and Telegram during emergencies
• Competition Commission of India (CCI) announced that it has given final approval to the long-awaited Flipkart-Walmart merger
• Amid controversies arising with Paytm and Airtel Payments Bank, PM Narendra Modi will launch the India Post Payments Bank (IPPB)

As part of the deal, ZOOZ co-founder and CEO Oren Levy and CTO Ronen Morecki will become part of PayU’s global leadership team

The companies will work together to build a comprehensive, modular, and highly flexible Payment OS platform

Following completion of the deal, ZOOZ will be wholly owned by Naspers

Earlier This Month, PayU India Made A Similar Announcement To Discontinue Its PayUMoney Wallet

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