News Update
PayU to acquire BillDesk for $4.7 billion: Prosus
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ByStartupStory | August 31, 2021
Global consumer internet group Prosus said that payment fintech PayU to acquire BillDesk, a digital payment network for $4.7 billion. he proposed acquisition will see PayU, the payments and fintech business of Prosus that operates in more than 20 markets, become one of the leading online payment providers globally by total payment volume (TPV), the company said. BillDesk was founded in 2000 by MN Srinivasu, Ajay Kaushal and Karthik Ganapathy and was backed by investors like Clearstone, Visa and Temasek among others. Together, PayU India and BillDesk will now be able to meet the changing payments needs of all digital consumers, merchants and Government enterprises across India along with offering state-of-the-art technology to even more of the excluded sections of society, while adhering to the regulatory environment in India and delivering robust consumer protection, the company added.
Bob van Dijk, Group CEO of Prosus, said, “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 $6 billion in Indian tech to date, and this deal will see that increase to more than $10 billion.” “Our announcement today reflects Prosus’ desire to build valuable, global consumer internet businesses that provide useful products and services for millions of people in their everyday lives. 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 added.
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