PayU | Bill Desk
PayU to acquire online payment gateway provider BillDesk for $4.7 billion
Bengaluru/IBNS: Global consumer internet group Prosus that owns PayU said Tuesday that an agreement had been reached for payments fintech PayU to acquire online payment gateway provider BillDesk for $4.7 billion.
PayU, the payments and fintech business of Prosus, operates across three businesses - Payments for domestic and cross-border transactions, Credit solutions for consumers and small businesses and strategic investments in fintech companies, according to Money Control.
For the financial year ended March 2021, PayU’s TPV grew 51 per cent year-on-year to $55bn across India, Latin America and EMEA.
The transaction, which is yet to be approved by the Competition Commission of India (CCI), will follow previous successful acquisitions by PayU in India, including CitrusPay, Paysense and Wibmo, said the report.
Since PayU India and BillDesk run complementary businesses within India’s digital payment industry, they expect to create a financial ecosystem handling four billion transactions annually - four times PayU’s current level in India.
Avendus Capital and PJT Partners were financial advisors to Prosus on this transaction, and Morgan Stanley was the sole financial advisor to BillDesk, according to the report.
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