BillDesk

Last updated
BillDesk
Company type Private
Industry Finance
Founded2000;24 years ago (2000)
Founder
  • M.N. Srinivasu
  • Ajay Kaushal
  • Karthik Ganapathy
Headquarters Mumbai, Maharashtra, India
Area served
India
Services Payment platform
E-commerce payment system
Bill payment
RevenueIncrease2.svg₹2,124 crore (US$270 million) (FY 2021) [1]
Increase2.svg₹245 crore (US$31 million) (FY 2021) [1]
Parent IndiaIdeas.com Ltd [2] [3]
Subsidiaries
  • Loylty Rewardz [4]
  • Jocata [5]
Website www.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]

Contents

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

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References

  1. 1 2 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. 1 2 "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. 1 2 3 4 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.
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