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).
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.