PayU acquires Billdesk for USD 4.7 billion

PayU and BillDesk together aim to upstage an initiation for online payments and elevate the platform for all the consumer’s merchants, and government enterprises.

On August 31 Prosus claimed that collaboration has been signed with fine tech PayU and Billdesk, which states that PayU shall be inhabiting Billdesk for $4.7 billion.

MN Srinivasu, Ajay Kaushal and Karthik Ganapathy established BillDesk in 2000.

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PayU and BillDesk together aim to upstage an initiation for online payments and elevate the platform for all the consumer’s merchants, and government enterprises. It further claims to provide digitalisation in the secluded sectors of the society alongside providing functional and security filled platforms for the users in India.

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.

Pay U initialises in domestic and international transitions, alongside credit solutions and investments for small businesses. PayU is said to grow 51 per cent to $55bn in India, Latin America and EMEA.

Laurent Le Moal, CEO of PayU, said, “We believe this transaction will stimulate both innovation and competition within India’s digital payments industry. This will not only help to strengthen India’s digital economy, but also bring financial services to those who may have historically been excluded.”

MN Srinivasu, Co-founder of BillDesk, said, “BillDesk has been a pioneer in driving digital payments in India for well over a decade. This investment by Prosus validates the significant opportunity in India for digital payments that are being propelled by innovation and the progressive regulatory framework put into place by the RBI.”
“BillDesk has always been committed to making payments faster, easier and more secure. We are excited about what the two great teams at BillDesk and PayU can deliver together as a driving force within the evolving digital payments landscape in India,” he added.