August 31, 2021 01:31 PM
Fintech services provider PayU will acquire BillDesk for $4.7 billion. Prosus NV, the global consumer internet group and one of the largest technology investors in the world, announced on Tuesday that an agreement has been reached between PayU and the shareholders of the Indian digital payments provider BillDesk. This will be one of the largest deals in the Indian fintech sector
The proposed acquisition will see PayU, the payments and fintech business of Prosus, which operates in more than 20 high-growth markets, become one of the leading online payment providers globally by total payment volume (TPV).
PayU focuses on high-growth markets and operates across three distinct businesses: payments for domestic and cross border transactions, credit solutions for consumers and small businesses, and strategic investments in innovative fintech companies.
BillDesk, founded in 2000, is an Indian success story and one of the leading payment businesses in the country.
Together, PayU India and BillDesk will be able to meet the changing payment needs of digital consumers, merchants and government enterprises in India and offer 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 transaction, which is subject to approval from the Competition Commission of India, builds on previous successful acquisitions by PayU in India, including CitrusPay, Paysense and Wibmo.
This acquisition brings Prosus’s investement into India to $10 billion. So far it has invested $6 billion in the Indian tech ecosystem. 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.