Technology investor Prosus said on Tuesday it had agreed to buy Indian payments platform BillDesk for US$4.7-billion (R68.7-billion) to complement its own PayU business.
“Together, the two expect to create a financial ecosystem handling four billion transactions annually — four times PayU’s current level in India,” the company said.
BillDesk, one of India’s largest payment platforms, had 2.71-billion Indian rupees ($37.1-million) in after tax net profit for the year ended 31 March 2021, Prosus said.
The deal to buy BillDesk, which was founded in 2000, is subject to regulatory approvals, including by the Competition Commission of India.
India has been a major focus for Amsterdam-based Prosus. It said Tuesday’s acquisition brings the total it had invested in the Indian market to more than $10-billion.
Prosus, spun out of Naspers in 2019, owns both stakes in consumer Internet companies in online marketplaces, educational software, food delivery and fintech. It operates some of the companies. It is best known for its 28.9% stake in Tencent of China.
In India, it is a major investor in Swiggy, one of two food delivery platforms fighting for dominance. — Reported by Toby Sterling, (c) 2021 Reuters