Payment fintech PayU will purchase BillDesk, a digital payment network, for $4.7 billion, according to Prosus, a global consumer internet company. PayU, Prosus’ payments and fintech business, which operates in more than 20 markets, will become one of the biggest online payment providers globally by total payment volume (TPV), according to the company. MN Srinivasu, Ajay Kaushal, and Karthik Ganapathy created BillDesk in 2000, with backing from Clearstone, Visa, and Temasek, among others.
PayU India and BillDesk will now be able to meet the evolving payment needs of all digital consumers, merchants, and government enterprises across India, as well as provide state-of-the-art technology to even more socially excluded groups, all while adhering to India’s regulatory environment and providing robust consumer protection, according to the company.
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,”