JPMorgan Values PayU at $2.9 Billion Ahead of 2025 India IPO

JPMorgan has valued PayU at $2.87 billion in its latest analysis of Prosus’s portfolio companies, significantly lower than the $4.2 billion value UBS ascribed to the payments firm in October.

PayU India, which was earlier planning to go public this year at a valuation of $5 billion to $7 billion, is now eyeing an IPO next year, Prosus said recently.

“With strong revenue growth and profitability during H125, we anticipate Payments and Fintech revenue to grow +14% YoY and achieving EBITDA of $54m in FY25 (vs -233 in FY24) on the back of continued investment in PayU India,” the U.S. investment bank wrote in a note reviewed by India Dispatch.

The investment bank’s sum-of-parts analysis ascribed a valuation of $2.82 billion to food delivery platform iFood at $2.82 billion, while ranking it above Stack Overflow’s $1.2 billion value and OLX Europe’s $2.68 billion. Prosus acquired Stack Overflow for $1.8 billion in 2021.