IBEF: September 01, 2021
To complement its own fintech startup PayU, technology investor Prosus NV (formerly known as Naspers) has purchased Indian payments network BillDesk for US$ 4.7 billion. The transaction is currently awaiting regulatory approval.
This is one of Prosus' largest buyouts, as well as one of the largest merger and acquisition transactions in the Indian fintech industry.
PayU would become one of the biggest online payment providers in the world as a result of the acquisition, with a presence in over 20 markets and a total payments volume (TPV) of over US$ 4 billion. BillDesk presently manages US$ 147 billion in annual TPV.
In a press release, the investment firm stated, “Together, the two intend to develop a financial ecosystem handling 4 billion transactions yearly — four times PayU's current level in India.”
PayU had previously purchased CitrusPay, Paysense, and Wibmo in India in order to grow its company across multiple vertices. Meanwhile, during the previous decade, Prosus has invested nearly US$ 10 billion in India.
“Payments and fintech are essential segments for Prosus, and India continues to be our top investment destination,” said Mr. Bob van Dijk, Prosus' group chief executive.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.