Current Affairs   »   PayU acquires BillDesk for $4.7 bn

PayU acquires BillDesk for $4.7 bn

PayU acquires BillDesk for $4.7 bn_50.1

Netherlands-based Prosus NV has announced to acquire the Indian digital payments provider BillDesk and merge it with its own fintech service business PayU. The size of the deal is $4.7 billion. This acquisition will make the combined entity of PayU and BillDesk as the leading online payment providers globally and in India by total payment volume (TPV).

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About the deal:

  • The transaction is subject to approval from the Competition Commission of India (CCI).
  • This acquisition will also raise Prosus’s investment into India to $10 billion, which has so far invested $6 billion in the Indian tech ecosystem.
  • Prosus NV is the global consumer internet group and one of the largest technology investors in the world.

Important takeaways for all competitive exams:

  • PayU CEO: Laurent le Moal;
  • PayU Founded: 2006;
  • BillDesk Founder(s): M.N. Srinivasu; Ajay Kaushal; Karthik Ganapathy;
  • BillDesk Headquarters: Mumbai;
  • BillDesk Founded: 29 March 2000.

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