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StartUpCrow > News > PayU BillDesk mega $4.7 Bn acquisition 2022
News

PayU BillDesk mega $4.7 Bn acquisition 2022

Shubham
Last updated: 2022/10/03 at 4:59 PM
Shubham
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PayU BillDesk mega $4.7 Bn acquisition
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The much publicized acquisition agreements between Prosus owned PayU and BillDesk has been rescinded. In August 2021, PayU announced the acquisition of the Indian online payments gateway company for $4.7 billion in what was then called one of the largest deal in the Indian fintech space.

Read Also : Adda247 raises $35 million in funding led by WestBridge Capital

BillDesk

The Competition Commission of India CCI of India antitrust watchdog also gave its approvals to the deal last month. However, certain preconditions were not met by the September 30, 2022 deadline and the deal has automatically terminated in accordance with its term & consequently the proposed transaction will not be implemented, PayU said in a statements.

Had the PayU deal been successful, the duo would have become one of the world’s largest online payment provider, handling a total payment volume of almost $147 billion.

It is worth noting that PayU has made a few acquisitions in India CitrusPay, Paysense and Wibmo. The acquisition of BillDesk would have helped increase the net investment in the Indian ecosystem to more than $10 billion.

BillDesk, a company nearly two decades old, account for nearly 60% of India online bill payments. The firm competes with Razorpay & CCAvenue.

The company revenue from operations had grown by 17.7% to Rs 2,124.2 crore during FY21 compared to Rs 1,804.7 crore in FY20, the company’s annual financial statements show. with ROC.

Bank fees and service charges were the largest cost for the transaction processing company, accounting for 85.8% of annual costs. These payments increased by 17.8% to Rs 1,613.03 crore during FY21 from Rs 1,369.86 crore in FY20.

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By Shubham
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Shubham Mewada : Entrepreneur helps you to understand your online Marketing needs and solve your Digital Marketing problems. We can help you from Beginning in Digital Marketing or Financial market.
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