After weeks of delays and additional questions, the Competition Commission of India (CCI) has authorized Naspers’ PayU’s $4.7 billion acquisition of payment portal BillDesk, the competition watchdog announced on September 5.
While the CCI’s comprehensive order is anticipated, permission for India’s second largest internet deal after Walmart’s acquisition of Flipkart in 2018 was long awaited. According to various sources, CCI also contacted PayU and BillDesk competitors for advise on the purchase.
Both companies compete with Razorpay, Pine Labs, Paytm, Infibeam Avenues, MSwipe, and others.
BillDesk, founded in 2000 by MN Srinivasu, Ajay Kaushal, and Karthik Ganapathy, focuses on payment processing, acceptance, and collection. As a payment aggregator, it facilitates over 170 payment methods and offers biller network solutions via the Bharat Bill Payment System (BBPS), as well as the collection of recurring payments.
Prosus announced the deal a year ago on August 31, 2021, bringing the company’s total investment in India to $10 billion.
BillDesk, founded in 2000 by MN Srinivasu, Ajay Kaushal, and Karthik Ganapathy, focuses on payment processing, acceptance, and collection. As a payment aggregator, it facilitates over 170 payment methods and offers biller network solutions via the Bharat Bill Payment System (BBPS), as well as the collection of recurring payments.