Payment gateway company PayU India is going independent of the Ibibo Group (MIH India), and as a part of a changed reporting structure, and PayU CEO Nitin Gupta will now report to the company's South African parent Naspers, instead of Ibibo, MediaNama had heard from multiple sources in the company. Confirming this development to MediaNama, Gupta said that "I can confirm that my reporting structure has changed", also pointing out that as a business, they've always operated at an arms-length from Ibibo. "We've always treated the Ibibo group as a merchant, and that relationship was always that of a value provider and merchant. That view hasn't changed," he said. Readers should note that before prior to being renamed, PayU India Pvt Ltd was called Ibibo Web Pvt Ltd: As of October last year (see this, from a filing), Naspers owned 100% in Intervision Services Co, which owned 80.1% in MIH India eCommerce, which owned 100% in MIH India Mauritius, which owned 100% in PayU India Pvt Ltd (previously Ibibo Web). We're not sure if the company structure has changed, or will change. Gupta declined to comment on plans for the company: the payment gateway segment in India has seen a rise in competition over the past year, which has led to price competition and product innovation in the segment. This change was, as far as we know, precipitated by PayU, and of late, e-commerce ventures like Flipkart and Snapdeal have also launched their own payment gateways. So what will PayU do in…
