While PayU in September received approval by the Competition Commission of India (CCI) to proceed with the deal, the firm now says that certain conditions "were not fulfilled by the 30 September 2022 long stop date, and the agreement has terminated automatically".

When the takeover was first mooted in August of last year, Prosus said that the combined company would handle four billion transactions annually - four times PayU’s current level in India.

Despite the termination of the deal, Prosus maintains it remains committed to the Indian market. The company has invested close to S$6 billion in Indian technology companies since 2005.