BillDesk

Indian online payment gateway company
  • M.N. Srinivasu
  • Ajay Kaushal
  • Karthik Ganapathy
HeadquartersMumbai, Maharashtra, India
Area served
IndiaServicesPayment platform
E-commerce payment system
Bill paymentRevenueIncrease ₹2,124 crore (US$270 million) (FY 2021)[1]
Net income
Increase ₹245 crore (US$31 million) (FY 2021)[1]ParentIndiaIdeas.com Ltd[2][3]Subsidiaries
Websitewww.billdesk.com

BillDesk is an Indian online payment gateway company based in Mumbai.[6] The company provides an online payment platform for its clients which enables banking and merchant website transactions.[7][8][9]

History

BillDesk was founded by Indian entrepreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000.[10] The three previously worked at American accounting firm Arthur Andersen LLP.[11]

In 2017, BillDesk launched the first Indian cryptocurrency exchange called Coinome.[12]

Fundraising

In 2001, BillDesk received its first investment from SIDBI Venture Capital Ltd and Bank of Baroda.[13]

In 2006, Clearstone Venture Partners and State Bank of India jointly invested $7.5 million in the company.[13]

In 2012, US-based PE firm TA Associates made an undisclosed investment in BillDesk.[13]

In 2015, BillDesk received an investment of US$200 million from General Atlantic and Temasek Holdings thereby giving the company a total valuation of USD 1 billion dollars.[11] General Atlantic remains the largest shareholder in the company, with 35% ownership in the company.[14]

In August 2021, PayU announced that it would acquire BillDesk for $4.7 billion in an all-cash deal, which would make it the largest fintech acquisition in India.[15][16] However, the deal was terminated in October 2022.[17]

Business

As of 2015, the company is worth USD 1 billion.[18] Sanjeev Krishan, leader (transaction services and private equity) at PwC India estimated that in the year 2015, 70% of India's online billing transactions were conducted through BillDesk.[13]

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.[19]

See also

References

  1. ^ a b Manchanda, Gaurav Tyagi & Kunal (21 February 2022). "Billdesk's income crosses Rs 2,100 Cr in FY21, profit grows to Rs 246 Cr". Entrackr. Retrieved 13 October 2022.
  2. ^ Sharan, Gunja (26 April 2022). "PayU India Submits Revised Merger Notification To CCI For $4.7 Bn BillDesk Deal". Inc42 Media. Retrieved 13 October 2022.
  3. ^ "Indiaideas Com Ltd". Bloomberg. Retrieved 13 October 2022.
  4. ^ "BillDesk: The Payments Pioneer". Forbes India. Retrieved 10 February 2023.
  5. ^ "BillDesk acquires fintech payment product". VCCircle. Retrieved 10 February 2023.
  6. ^ "BillDesk Drops Expenses By 77% In FY18, Increases Net Profit By 15%". Inc42.
  7. ^ Laskar, Anirudh (5 July 2020). "BillDesk plans to sell-off business for $2.5 billion". mint. Retrieved 22 November 2021.
  8. ^ Singh, Ritu (2023-08-30). "BillDesk co-founder highlights fintech's rapid innovation & free digital payments boost amid pandemic". CNBCTV18. Retrieved 2024-03-10.
  9. ^ "NSE, BillDesk backer TA Associates amasses $16.5 bn for new PE fund". VCCircle. Retrieved 2024-03-10.
  10. ^ "BillDesk To Boost Mobile Billing In India – Tech2". Tech2. 2006-09-04. Archived from the original on 2016-12-20. Retrieved 2016-10-12.
  11. ^ a b "BillDesk to raise $200 million at $1 billion value | Gadgets Now". Gadget Now. Retrieved 2016-10-12.
  12. ^ "Cryptic World: Billdesk Launches India's First Crypto-currency Exchange". Moneycontrol.com. Retrieved 22 November 2021.
  13. ^ a b c d Balakrishnan, Reghu (2015-10-30). "General Atlantic, Temasek set to invest Rs1,000 crore in BillDesk". livemint.com. Retrieved 2016-10-12.
  14. ^ Manikandan, Ashwin; Shukla, Saloni (April 2021). "BillDesk strikes it rich amid payments crisis". The Economic Times. Retrieved 22 November 2021.
  15. ^ 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.
  16. ^ "Explained: Why a Dutch company is buying BillDesk for $4.7 billion". The Indian Express. 1 September 2021. Retrieved 22 November 2021.
  17. ^ Prosus terminates PayU's $4.7 billion acquisition of BillDesk
  18. ^ "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.
  19. ^ "BillDesk". Quadlabs.com. Retrieved 2016-10-12.

External links

  • Official website