PayU To Acquire BillDesk For $4.7 Bn

Prosus N.V. (Prosus)–the global consumer Internet group and technology investor–announced on Tuesday that an agreement has been reached between PayU and the shareholders of the Indian digital payments provider BillDesk to acquire BillDesk for $4.7 billion.

PayU To Acquire BillDesk For $4.7 Bn

freepik

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: as payments for domestic and cross-border transactions for the financial year ended March 2021, PayU reported a strong performance, increasing TPV 51 per cent year-on-year (y-o-y) to $55 billion across India, Latin America, and EMEA; secondly, credit solutions for consumers and small businesses-licensed in India and distribution agreements in five other markets; and thirdly, strategic investments in innovative fintech companies-including Remitly in the US and the building of a full financial services ecosystem in India.

“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. BillDesk exemplifies the ambition and expertise of Indian entrepreneurs, who are among the best in the world, with exceptional abilities to build products and services and understand scale and value. This is critical in a country as vast as India. Our announcement today reflects Prosus’s 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,” shared Bob van Dijk, group chief executive officer, Prosus.

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 payments 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.

“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. This ambition is fully aligned with the Government of India’s vision of ‘Digital India’ and is a key objective for PayU across all the communities we serve globally. This deal is an example of how our purpose and our business objectives work together, accelerating growth and increasing access to financial services,” explained Laurent Le Moal, chief executive officer, PayU.

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.

“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 is being propelled by innovation and the progressive regulatory framework put into place by the Reserve Bank of India, India’s central bank. 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,” added M N Srinivasu, co-founder, BillDesk.

According to the fiscal year (FY)21 annual report of the Reserve Bank of India (RBI), the number of transactions for digital retail payments has grown by more than 80 per cent from 24 billion in 2018-19 to 44 billion to 2020-21.

Over the next three years, RBI expects more than 200 million new users to adopt digital payments with the average annual transactions per capita rising tenfold from 22 to 220.

PayU India and BillDesk run complementary businesses within India’s digital payment industry. Together, the two expect to create a financial ecosystem handling four billion transactions annually – four times PayU’s current level in India.

News Related

OTHER NEWS

SEC Chairman Lays Out Crypto Market Agenda in Senate Testimony

U.S. SEC Chairman Gary Gensler spoke to a Senate Committee about the U.S. markets and listed several areas of focus with respect to the crypto markets. – be[IN]crypto United States ... Read more »

What is Google Page Experience, and Why Does it Matter?

Have you heard of Google Page Experience? If you haven’t, and you prioritize search engine optimization (SEO) as a strategy to support your business, you’re behind the times. Google’s Page ... Read more »

The Case for Transparent AI

I can’t go on Facebook without seeing magicians. I can trace it back to when I watched a video of America’s Got Talent. It started with singers, but soon it ... Read more »

Fidelity Makes Case for Bitcoin ETF With SEC

In a recent presentation for the Securities and Exchange Commission (SEC), Fidelity Investments argued the merits of approving its Bitcoin exchange-traded fund (ETF). – be[IN]crypto According to filings from the ... Read more »

How to recognize a fraud of an app that lends money?

They will say that it is clickbait but it is real: Currently there is a type of credit (called liquidity), offered by the internet and applications downloaded to the cell ... Read more »

This biohacker is the real-life 'Nebula': she has more than 50 chips in her body and identifies as a cyborg

If you are a fan of the Marvel universe, you surely know Nebula , Gamora’s blue sister, both adoptive daughters of Thanos. The rival of The Avengers made a series ... Read more »

Windows 11 will not be compatible with Apple's new M1 chip, Microsoft confirms

In the framework of the Apple Event , Microsoft confirmed that Apple’s M1 chip “is not a compatible scenario” for Windows 11 , as reported by The Register . Mia ... Read more »

Learn How Machine Learning Can Help Your Business

The business world is changing all of the time and smart entrepreneurs are always looking for a way to gain an advantage over the competition. One area you may not ... Read more »

Rozy, the virtual influencer who seeks to make millionaire profits

@Rozy.gram, Instagram Read more »

Crypto Execs Should Cooperate With Regulators, Says SALT Panel

Cryptocurrency executives ought to work with regulators to facilitate wider acceptance, according to members of a digital currency panel at Wall Street’s SALT conference. – be[IN]crypto The panel included Canadian ... Read more »

Pfizer Says COVID-19 Vaccine Efficacy Weakens Over Time

Pfizer said that data from Israel and the United States suggests that its COVID-19 vaccine efficacy drops over time and claimed that booster doses are effective at dealing with new virus variants. Federal health ... Read more »

With This App, A Healthy Lifestyle Is Just One Click Away

Amid this pandemic, there has been a lot of change in our lifestyle, from our eating habits to the way we are perceiving things. We have been doing everything with ... Read more »

Taco Bell is Rolling Out A Subscription Service That Will Give Fans a Taco a Day

A taco a day probably keeps something away, but for fans of beloved fast-food chain Taco Bell, it will only keep customers coming back for more. SOPA Images | Getty ... Read more »

Starbucks and Other Businesses Near Disney World Reportedly Sell for Higher Prices

The Orlando Business Journal reported this week that Starbucks locations in Central Florida usually sell for about $3 million, but ones near the Walt Disney World Resort can sell for ... Read more »

This Is Probably the First All-in-one Finance and Wellbeing Platform

There were many peaks and valleys in KashAmini’s life. At an early age, he came to realize that hard work and discipline were the keys to achieve any goal and ... Read more »

Reshaping the World Of Gaming Kingdom, Your Go To Place For Entertainment

When the COVID-19 pandemic was on the rise, the gaming industry was also making its kingdom discovered. In nanoseconds, the gaming industry exploded in popularity familiarising millennials with another secret ... Read more »

This Young Gun Can Be an Inspiration For Many

Success is a spectacular feeling which cannot be defined but only perceived. With innumerable ways to walk on the path of success, nothing in the world can guarantee you the ... Read more »

A Visionary Doctor Explains How Novel Technology Is Changing Advanced Manufacturing

Technology is changing rapidly. The limits of what was believed to be possible are constantly being shattered. IoT, smart technology, AI, AR/VR, and more are all transforming industries across the ... Read more »

The Engineers' Era

“My husband is from IIT-Delhi, my brother-in-law is also from IIT-Kanpur and everyone in my family is an engineer, including me. However, my son has scored 7 out of 10 ... Read more »

Want Tasteful Lingerie? Here's Where To Get It From

It has been said that lingerie is the maximum expression of a woman’s femininity. But these days, it seems that lingerie is more promiscuous than it is classy and tasteful. ... Read more »

A Breakthrough Innovation In Women's Innerwear

A proper-fitting bra can help a woman feel more confident. Additionally, it can help reduce breast sagging and other health issues. Research has shown that the majority of women are ... Read more »

Household Income of Americans Fell in 2020 for First Time Since 2011: Census Bureau

The household income of Americans fell last year as COVID-19-related lockdowns wrought havoc on the economy, according to new figures from the Census Bureau. The median household income was $67,521 in 2020, ... Read more »

E-mobility And Batterytech Startup Sheru Raises Pre-Series A From Venture Catalysts And Others

E-mobility technology startup Sheru, on Wednesday, announced to have raised an undisclosed Pre-Series A round led by early-stage investor Venture Catalysts (Vcats).  The round also saw participation from e-mobility-focused investors including ... Read more »

Gaming Platform Quizbee Raises Funds From Kanodia Group

Online gaming startup Quizbee on Wednesday announced that it has raised an undisclosed amount of funds through pre-Seed funding led by Kanodia Group. Quizbee Quizbee, a new entry in the ... Read more »

Anar Raises $6.2 Mn Seed Funding Co-led By Elevation Capital And Accel India

Business-to-business (B2B) networking platform Anar on Wednesday announced that it has raised $6.2 million in Seed funding co-led by Elevation Capital and Accel India. This round also saw participation from ... Read more »

SaaS Startup Godamwale Raises $1 Mn Seed Funding

Software-as-a-service (SaaS)-based supply chain and logistics service provider Godamwale on Wednesday announced to have raised $1 million in its Seed fund round from angel investor Captain Anand Aryamane. Godamwale The ... Read more »

Edtech Startup Tinkerly Raises INR 6.5 Cr Led By Navneet Education And Others

Jaipur-based edtech startup Tinkerly, on Wednesday, announced to have raised INR 6.5 crore in the latest round by Navneet Tech Ventures (a wholly-owned subsidiary of publication and content provider, Navneet ... Read more »

Scalenut Raises $400,000 Seed Funding

Artificial Intelligence (AI)-enabled content intelligence platform Scalenut on Wednesday announced that it raised $400,000 in Seed funding led by Titan Capital, First Principles VC, AngelList, Abhishek Goyal, and other angel ... Read more »

MPL Is India's Latest Unicorn; Now Valued At $2.3 Bn

Esports and skill gaming app Mobile Premier League (MPL) has become India’s latest startup unicorn, raising funds at a $2.3 billion valuation in Series E financing. Unsplash The investment round ... Read more »

Shadez Raises Over $200,000 Pre-Series A Round Led By Inflection Point Ventures

Home interiors startup Shadez on Wednesday announced that it raised over $200,000 in pre-Series A round led by Inflection Point Ventures (IPV). Shadez The funds raised will be used for ... Read more »

Vahan Raises $8 Mn Series A Funding Round Led By Khosla Ventures

Bengaluru-based jobs and livelihood platform for blue-collar workers, Vahan on Wednesday announced that it raised $8 million in its Series A round of funding led by pre-eminent Silicon Valley investor ... Read more »

Gemba Capital Launches $10 Mn Micro VC Fund ToInvest In 24 Companies In The Next 2 Years

Committed to supporting founders that possess an unwavering ambition to build large world-class companies, Gemba Capital on Wednesday announced the launch of its maiden Micro VC fund of $10 million. ... Read more »

Earnings Estimates Have Stopped Going Up

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please ... Read more »

Skyworks Solutions (SWKS) Stock Sinks As Market Gains: What You Should Know

Skyworks Solutions (SWKS) closed the most recent trading day at $176.77, moving -0.76% from the previous trading session. This change lagged the S&P 500’s 0.85% gain on the day. – ... Read more »

FuboTV Inc. (FUBO) Stock Sinks As Market Gains: What You Should Know

fuboTV Inc. (FUBO) closed the most recent trading day at $27.15, moving -0.22% from the previous trading session. This change lagged the S&P 500’s daily gain of 0.85%. – Zacks ... Read more »

Haverty Furniture (HVT) Outpaces Stock Market Gains: What You Should Know

Haverty Furniture (HVT) closed the most recent trading day at $34.22, moving +1.36% from the previous trading session. This change outpaced the S&P 500’s 0.85% gain on the day. – ... Read more »

Patrick Industries (PATK) Outpaces Stock Market Gains: What You Should Know

Patrick Industries (PATK) closed at $80.47 in the latest trading session, marking a +1.71% move from the prior day. This change outpaced the S&P 500’s 0.85% gain on the day. ... Read more »

Penn National Gaming (PENN) Outpaces Stock Market Gains: What You Should Know

Penn National Gaming (PENN) closed the most recent trading day at $76.46, moving +1.85% from the previous trading session. The stock outpaced the S&P 500’s daily gain of 0.85%. – ... Read more »

Will China ETFs Feel the Heat of Weak Economic Data?

The world’s second-largest economy continues to see a streak of disappointing economic data for August. According to the National Bureau of Statistics (NBS), industrial production increased 5.3% year over year ... Read more »

Texas Instruments (TXN) Outpaces Stock Market Gains: What You Should Know

Texas Instruments (TXN) closed the most recent trading day at $197.50, moving +1.22% from the previous trading session. This change outpaced the S&P 500’s 0.85% gain on the day. – ... Read more »