e-commerce firm ibiboGroup today said it has hived off its payments business, PayU India, to media and internet services firm Naspers for a stake in the global payments business of the South Africa-based company.
ibiboGroup, which owns Goibibo.com, redBus.in, Tradus.com and Travelboutique Online (51 per cent stake), had launched its payments business, PayU India in 2011.
The move is part of a consolidation process under which all the local payments of Naspers will be consolidated into a global payment group, PayU global.
These local units are in countries like Czech Republic, Poland, Hungary, Turkey, Ukraine, Panama, Colombia, Romania Mexico, Peru, Russia, South Africa and India.
"We have hived off our payments business to Naspers in return for a significant minority stake in its global payments business, which will provide us a global exposure," ibiboGroup CEO Ashish Kashyap told PTI.
While ibiboGroup builds its online travel assets and mobile marketplace businesses, this opportunity provides exposure to a piece in a global play, which could add strong value to the group, he added.
Kashyap and Latin American Buscape Group CEO Romero Rodrigues will join the management board of PayU global. Local country heads of payments businesses will now roll up to the global PayU entity.
Founded in 1915, Naspers is a multinational media and internet group with operations in over 133 countries. Its main operations are in e-commerce, pay-television & related technologies and print media.