Payu to acquir Billdesk in $4.7 billion dea

Global consumer internet group Prosus NV on Tuesday said Payu will acquire Indian digital payments provider Billdesk for $4.7 billion (about ₹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 deal will see that increas more than $10 billion,” Bob Dijk, Group CEO of Pro said.

He added that the annou ment reflects Prosus’ desir build valuable, global sumer internet businesses provide useful products services for millions of pe in their everyday lives. “Al with classifieds, food deliv and education technology, ments and fintech is a core ment for Prosus, and I remains our number investment destination,” said.

M N Srinivasu, co-found Billdesk, said the company been a pioneer in driving tal payments in India for over a decade. “This inv ment by Prosus validates significant opportunity in I for digital payments tha being propelled by innova and the progressive regula framework put into plac the Reserve Bank of In India’s central bank,” Srini said.

Payu India and Billdesk complementary busine within India’s digital paym industry. Together, the expect to create a financial system handling four bil transactions annually— times Payu’s current leve India, the statement said.