BillDesk

BillDesk is an Indian online payment gateway company based in Mumbai.[2] The company provides an online payment platform for its clients which enables banking and merchant website transactions.[3] In 2021, the company was acquired by PayU.

BillDesk
Type of site
Private
Founded2000 (2000)
HeadquartersMumbai
Area servedIndia
OwnerPayU
Founder(s)M.N. Srinivasu
Ajay Kaushal
Karthik Ganapathy
IndustryFinance
ProductsMoney transfer, Bill Payment
Revenue ₹1,906 crore (US$250 million) (FY 2020)[1]
Operating income ₹211 crore (US$28 million) (FY 2020)[1]
URLwww.billdesk.com

History

BillDesk was founded by Indian entrepreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000.[4] The three previously worked at American accounting firm Arthur Andersen LLP.[5]

In 2017, BillDesk launched the first Indian cryptocurrency exchange called Coinome.[6]

Fundraising

In 2001, BillDesk received its first investment from SIDBI Venture Capital Ltd and Bank of Baroda.[7]

In 2006, Clearstone Venture Partners and State Bank of India jointly invested $7.5 million (₹34.275 Crores at the time of investment [8]) in the company.[7]

In 2012, US-based PE firm TA Associates made an undisclosed investment in BillDesk.[7]

In 2015, BillDesk received an investment of USD 200 million from General Atlantic and Temasek thereby giving the company a total valuation of USD 1 billion dollars.[5] General Atlantic remains the largest shareholder in the company with 35% ownership in the company.[9]

In August 2021, PayU acquired BillDesk for $4.7 billion in an all-cash deal, making it the largest fintech acquisition in India.[10][11]

Business

Billdesk is one of the few profitable Fintech companies in India.[12] As of 2015, the company is worth USD 1 billion.[13] It was estimated that in the year 2015, 70% of India's online billing transactions were conducted through BillDesk.[7]

BillDesk is a financially independent company and is monitored as a participant under the Payments and Settlements Systems Act, 2007 (Act 51 of 2007) that is regulated and supervised by the Reserve Bank of India.[14]

See also

References
  1. "Billdesk Profit Up 53% In FY20 On The Back Of Loyalty, Payments Growth". Inc42 Media. 28 November 2020. Retrieved 22 November 2021.
  2. "BillDesk Drops Expenses By 77% In FY18, Increases Net Profit By 15%". Inc42.
  3. Laskar, Anirudh (5 July 2020). "BillDesk plans to sell-off business for $2.5 billion". mint. Retrieved 22 November 2021.
  4. "BillDesk To Boost Mobile Billing In India – Tech2". Tech2. 2006-09-04. Retrieved 2016-10-12.
  5. "BillDesk to raise $200 million at $1 billion value | Gadgets Now". Gadget Now. Retrieved 2016-10-12.
  6. "Cryptic World: Billdesk Launches India's First Crypto-currency Exchange". Moneycontrol.com. Retrieved 22 November 2021.
  7. Balakrishnan, Reghu (2015-10-30). "General Atlantic, Temasek set to invest Rs1,000 crore in BillDesk". livemint.com. Retrieved 2016-10-12.
  8. "U.S. Dollar to Indian Rupee Spot Exchange Rates for 2006 from the Bank of England". Poundsterlinglive.com. Retrieved 22 November 2021.
  9. Manikandan, Ashwin; Shukla, Saloni. "BillDesk strikes it rich amid payments crisis". The Economic Times. Retrieved 22 November 2021.
  10. Shinde, Shivani (31 August 2021). "PayU acquires BillDesk for $4.7 bn in one of largest Indian fintech deals". Business Standard India. Retrieved 22 November 2021.
  11. "Explained: Why a Dutch company is buying BillDesk for $4.7 billion". The Indian Express. 1 September 2021. Retrieved 22 November 2021.
  12. "BillDesk Looks To Sell Off Its Payment Gateway Business". Inc42.com. 6 July 2020. Retrieved 22 November 2021.
  13. "Online Payment Service Provider BillDesk Bags $200M from General Atlantic". iamwire. 2015-10-30. Archived from the original on 2017-01-18. Retrieved 2016-10-12.
  14. "BillDesk". Quadlabs.com. Retrieved 2016-10-12.
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