PayU will buy Indian digital payments platform BillDesk for $4.7 billion, according to Prosus NV, a global consumer internet company (about Rs 34,376.2 crore). “PayU and the shareholders of BillDesk, an Indian digital payments firm, have agreed to buy BillDesk for $4.7 billion,” according to a statement.
PayU, Prosus’ payments and fintech business, which operates in more than 20 high-growth regions, will become one of the biggest online payment providers globally by total payment volume (TPV), with a TPV of $147 billion, according to the company.
The deal, which is pending approval by the Competition Commission of India (CCI), builds on PayU’s past successful acquisitions in India, including CitrusPay, Paysense, and Wibmo, according to a statement.
BillDesk was established in the year 2000.
“We have a long and deep relationship with India, having supported and partnered with some of its most dynamic entrepreneurs and new tech businesses since 2005. We’ve invested close to USD 6 billion in Indian tech to date, and this deal will see that increase to more than USD 10 billion,” Bob van Dijk, Group CEO of Prosus, said.
He went on to say that the announcement represents Prosus’ goal to create important, global consumer internet businesses that give useful products and services to millions of people on a daily basis.
“Along with classifieds, food delivery, and education technology, payments and fintech is a core segment for Prosus, and India remains our number one investment destination,” he said.
BillDesk co-founder M. N. Srinivasu stated that the company has been a pioneer in advancing digital payments in India for more than a decade.
“This investment by Prosus validates the significant opportunity in India for digital payments that is being propelled by innovation and the progressive regulatory framework put into place by the Reserve Bank of India, India’s central bank,” Srinivasu said.
Within India’s digital payment market, PayU India and BillDesk conduct complementary companies. According to the announcement, the two hope to develop a financial ecosystem that handles four billion transactions yearly, which is four times PayU’s present level in India.
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