(Bloomberg) -- The Indian unit of Prosus NV’s PayU financial technology firm is seeking an initial public offering within the next 12 months, according to Prosus interim Chief Executive Officer Ervin Tu. 

“We are preparing for a potential listing of PayU, aiming for the second half of next calendar year,” Tu said on a call Wednesday after Prosus published its fiscal first half results. 

The Indian payments business, which is PayU’s biggest, revenues grew 15% to $211 million in the period, driven by growth from existing merchants, its Wibmo unit and its omnichannel business, Prosus said in a statement. 

India has a large, young and tech-savvy population that is increasingly using smartphones and the internet for services, driving demand for app-based services. Consumers in the South Asian country are switching to payment systems instead of cash-based transactions. 

In India, PayU competes with the likes of Tiger Global Management-backed Razorpay and Walmart Inc.’s PhonePe. 

Prosus this year said it plans to sell part of PayU to Israel’s Rapyd for $610 million in a deal that excluded units in India, Turkey and Indonesia. 

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