Technology investor Prosus said on Tuesday that it has agreed to buy Indian payment platform BillDesk for $4.7 billion (about Rs. 34,380 crores) to complement its own PayU business.
“Together, the two hope to create a financial ecosystem that handles 4 billion transactions annually – four times the current level of PayU in India,” the company said.
BillDesk, one of India’s largest payment platforms, had $271 million in after-tax net income for the year ended March 31, 2021, Prosus said.
The Billdesk purchase agreement, founded in 2000, is subject to regulatory approvals, including by the India Competition Commission.
India has been the main focus of Amsterdam-based Prosus. The company said Tuesday’s acquisition brings the total invested in the Indian market to more than $10 billion (about Rs. 73,165 crores).
Prosus, originated from Naspers South Africa in 2019, has both interests in consumer Internet companies in online marketplaces, educational software, food delivery and fintech. Operates some of the companies.
It is best known for its 28.9 percent stake in Tencent of China.
In India, he is a big investor in Swiggy, one of two food delivery platforms fighting for dominance.
© Thomson Reuters 2021