Company:BillDesk

From HandWiki
Short description: Indian online payment gateway company
BillDesk
TypePrivate
IndustryFinance
Founded2000; 24 years ago (2000)
Founder
  • M.N. Srinivasu
  • Ajay Kaushal
  • Karthik Ganapathy
HeadquartersMumbai , Maharashtra, India
Area served
India
ServicesPayment platform
E-commerce payment system
Bill payment
RevenueIncrease ₹2,124 crore (US$300 million) (FY 2021)[1]
Increase ₹245 crore (US$34 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]

History

BillDesk was founded by Indian entrepreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000.[8] The three previously worked at American accounting firm Arthur Andersen LLP.[9]

In 2017, BillDesk launched the first Indian cryptocurrency exchange called Coinome.[10]

Fundraising

In 2001, BillDesk received its first investment from SIDBI Venture Capital Ltd and Bank of Baroda.[11]

In 2006, Clearstone Venture Partners and State Bank of India jointly invested $7.5 million in the company.[11]

In 2012, US-based PE firm TA Associates made an undisclosed investment in BillDesk.[11]

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.[9] General Atlantic remains the largest shareholder in the company, with 35% ownership in the company.[12]

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.[13][14] However, the deal was terminated in October 2022.[15]

Business

Billdesk is one of the few profitable fintech companies in India.[16] As of 2015, the company is worth USD 1 billion.[17] 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.[11]

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.[18]

See also

References

  1. ↑ 1.0 1.1 Manchanda, Gaurav Tyagi & Kunal (21 February 2022). "Billdesk's income crosses Rs 2,100 Cr in FY21, profit grows to Rs 246 Cr". Entrackr. https://entrackr.com/2022/02/billdesk-income-crosses-rs-2100-cr-in-fy21-profit-grows-to-rs-246-cr/. 
  2. ↑ Sharan, Gunja (26 April 2022). "PayU India Submits Revised Merger Notification To CCI For $4.7 Bn BillDesk Deal" (in en). Inc42 Media. https://inc42.com/buzz/payu-india-submits-revised-merger-notification-to-cci-on-proposed-4-7-bn-billdesk-buyout-deal/. 
  3. ↑ "Indiaideas Com Ltd". Bloomberg. https://www.bloomberg.com/profile/company/0200330D:IN. 
  4. ↑ "BillDesk: The Payments Pioneer" (in en). Forbes India. https://www.forbesindia.com/article/work-in-progress/billdesk-the-payments-pioneer/48439/1. 
  5. ↑ "BillDesk acquires fintech payment product". VCCircle. https://www.vccircle.com/exclusive-billdesk-acquires-fintech-payment-product. 
  6. ↑ "BillDesk Drops Expenses By 77% In FY18, Increases Net Profit By 15%" (in en-US). Inc42. https://inc42.com/buzz/billdesk-drops-expenses-by-77-in-fy18-net-profit-up-by-15/. 
  7. ↑ Laskar, Anirudh (5 July 2020). "BillDesk plans to sell-off business for $2.5 billion" (in en). mint. https://www.livemint.com/companies/news/billdesk-plans-to-sell-off-business-for-2-5-billion-11593943069999.html. 
  8. ↑ "BillDesk To Boost Mobile Billing In India – Tech2" (in en-US). Tech2. 2006-09-04. http://tech.firstpost.com/news-analysis/billdesk-to-boost-mobile-billing-in-india-1486.html. 
  9. ↑ 9.0 9.1 "BillDesk to raise $200 million at $1 billion value | Gadgets Now". http://www.gadgetsnow.com/tech-news/BillDesk-to-raise-200-million-at-1-billion-value/articleshow/49588808.cms. 
  10. ↑ "Cryptic World: Billdesk Launches India's First Crypto-currency Exchange" (in en). https://www.moneycontrol.com/news/business/startup/cryptic-world-billdesk-launches-indias-first-crypto-currency-exchange-2445875.html. 
  11. ↑ 11.0 11.1 11.2 11.3 Balakrishnan, Reghu (2015-10-30). "General Atlantic, Temasek set to invest Rs1,000 crore in BillDesk". livemint.com. http://www.livemint.com/Companies/TAo48JCMYRgmU4odmI3ijI/General-Atlantic-Temasek-set-to-invest-Rs1000-crore-in-Bil.html. 
  12. ↑ Manikandan, Ashwin; Shukla, Saloni (April 2021). "BillDesk strikes it rich amid payments crisis". The Economic Times. https://economictimes.indiatimes.com/industry/banking/finance/billdesk-strikes-it-rich-amid-payments-crisis/articleshow/81765890.cms. 
  13. ↑ Shinde, Shivani (31 August 2021). "PayU acquires BillDesk for $4.7 bn in one of largest Indian fintech deals". Business Standard India. https://www.business-standard.com/article/companies/payu-acquires-indian-digital-payments-provider-billdesk-for-4-7-bn-121083100517_1.html. 
  14. ↑ "Explained: Why a Dutch company is buying BillDesk for $4.7 billion" (in en). The Indian Express. 1 September 2021. https://indianexpress.com/article/explained/prosus-payu-billdesk-acquisition-7480070/. 
  15. ↑ Prosus terminates PayU's $4.7 billion acquisition of BillDesk
  16. ↑ "BillDesk Looks To Sell Off Its Payment Gateway Business". 6 July 2020. https://inc42.com/buzz/billdesk-looks-to-sell-off-its-payment-gateway-business/. 
  17. ↑ "Online Payment Service Provider BillDesk Bags $200M from General Atlantic" (in en-US). iamwire. 2015-10-30. http://www.iamwire.com/2015/10/billdesk-raises-investment-from-general-atlantic/125473. 
  18. ↑ "BillDesk". http://www.quadlabs.com/Partners/partner-billdesk. 

External links



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