Dutch tech investor Prosus NV on Tuesday said it has agreed to acquire Indian digital payments provider BillDesk for $4.7 billion in a bid to bolster its PayU business in India.
The acquisition will help Prosus’ PayU become one of the leading online payment providers, globally, and meet the changing payment needs of digital consumers, merchants, and government enterprises in India, it said in a press release.
“Along with classifieds, food delivery, and education technology, payments and fintech is a core segment for Prosus, and India remains our number one investment destination,” said Bob van Dijk, Group CEO of Prosus, in a press release.
An international Internet assets unit of South African behemoth Naspers, Prosus has invested close to $6 billion in Indian tech startups to date, and expects to increase that to more than $10 billion, it said.
Mumbai-based BillDesk is an online payment gateway that was founded in 2000, by a team of ex-Arthur Anderson executives, including MN Srinivasu, Ajay Kaushal, and Karthik Ganapathy. It handles nearly 50 to 60 percent of billing transactions in India, according to reports.