Prosus to buy Indian digital co BillDesk for 4.7 billion dollar

Global consumer internet group Prosus NV on Tuesday said PayU will acquire Indian digital payments provider BillDesk for $4.7 billion (about Rs 34,376.2 crore).

“...An agreement has been reached between PayU and the shareholders of the Indian digital payments provider BillDesk to acquire BillDesk for $4.7 billion,” a statement said.

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) - handling a TPV of $147 billion, it added.

The transaction, which is subject to approval from the Competition Commission of India (CCI), builds on previous successful acquisitions by PayU in India, including CitrusPay, Paysense, and Wibmo, the statement said.

BillDesk was founded in 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 $6 billion in Indian tech to date, and this deal will see that increase to more than $10 billion,” Bob van Dijk, Group CEO of Prosus, said.

“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.

MN Srinivasu, the co-founder of BillDesk, said “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 Reserve Bank of India.” PayU India and BillDesk run complementary businesses within India’s digital payment industry. Together, they expect to create a financial ecosystem handling four billion transactions annually - four times PayU’s current level in India, it said.