PayU’s Prosus to Buy Payments Company BillDesk for USD4.7 Billion

Technology investor Prosus stated that it had agreed to buy Indian payments platform BillDesk for USD4.7 billion (roughly INR 34,380 crores) to accompany its own PayU business.

PayU’s Prosus to Buy Payments Company BillDesk for USD4.7 Billion

Technology investor Prosus stated that it had agreed to buy Indian payments platform BillDesk for USD4.7 billion (roughly INR 34,380 crores) to accompany its own PayU business.

According to the statement, both the companies are expected to create a financial ecosystem handling 4 billion transactions annually - four times PayU's current level in India.

BillDesk, one of India's largest payment platforms, had 271 crores in after-tax net profit for the year ended March 31, 2021, Prosus stated.

 

The deal to buy Billdesk, which was incorporated in 2000, is subject to regulatory approvals, including the Competition Commission of India.

India has been a significant focus for Amsterdam-based Prosus. The company stated that this acquisition brings the total it had invested in the Indian market to more than USD10 billion (roughly INR 73,165 crores).

Prosus spun out of Naspers of South Africa in 2019, owns both stakes in consumer Internet companies in online marketplaces, educational software, food delivery, and fintech. It operates some of the companies. It is best known for its 28.9% stake in Tencent of China.

In India, it is a significant investor in Swiggy, one of two food delivery platforms fighting for dominance.