BILLDESK FOUNDER
Mumbai emerging as preferred startup destination, say founders, investors
The financial capital's fast pace of infrastructure development and increasing access to capital and talent is attracting startup founders and investors.
RBI ban makes online payment aggregators seek alternative business lines
Razorpay, Cashfree, Paytm and PayU cannot add merchants for their online payments business, this has allowed their rivals to grab market share
PayU eyes B2B pay, credit play under new top brass
From being an early player offering online payments to internet companies back in 2011, to facing severe competition from new-age startups such as Paytm and Razorpay, to a failed attempt to acquire Billdesk and facing a merchant acquisition embargo from the Reserve Bank of India, PayU has had a chequered history in India.
Razorpay can go public in a few years without raising more funds, say company founders
Winner or the Startup of the Year category at the ET Startup Awards 2022, Razorpay has already surpassed its annual gross transaction value (GTV) target of $90 billion for this year, hitting the $100 billion mark even as online businesses are starting to see a slowdown.
PayU-BillDesk saga: uncertainty looms over Indian fintechs
Multiple founders and investors ET spoke to said the development has come at a particularly challenging time for the sector, which has been pummelled by a swathe of regulatory changes that have affected fintech businesses across the board.
Musk offers to buy Twitter at original deal price; PayU-BillDesk flop to roil Indian fintech
Musk began showing signs of buyer’s remorse shortly after the deal was announced, alleging that Twitter had misled him about the size of its user base and the prevalence of automated accounts known as bots.
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Prosus may have saved $50-$100 million in BillDesk deal breakup fee
A breakup fee is a predetermined penalty that a buyer typically pays if it walks away from a transaction. A long stop date is the date by which the deal conditions must be satisfied (or waived) for it to be completed.
Transaction declined: why Prosus scrapped the $4.7 billion PayU-BillDesk deal
In a note published on the Prosus’ website, Eoin Ryan, head of investor relations, said: “Certain conditions precedent were not fulfilled by the September 30, 2022 long stop date, causing the agreement to be terminated automatically.” He did not elaborate on what these conditions were.
Payments Council of India re-elects Vishwas Patel as chairman
Srinivasu founded BillDesk twenty years ago along with Ajay Kaushal and Karthik Ganapathy, his colleagues at Arthur Andersen. He led the company to become one of India’s one of the few profitable fintech companies in India.
CCI seeks more info to clear mega PayU-BillDesk deal
“CCI has not questioned the merits of the proposed transaction, but requested for additional information, as of now,” said a one person directly aware of CCI’s queries to PayU.
CCI seeks more info on PayU-BillDesk deal; MeitY’s draft data policy
If approved by regulators, the deal would mark the biggest consolidation in the sector, we wrote at the time. Now, sources tell us India’s competition watchdog is seeking more information on the deal before clearing it.
Razorpay’s valuation rises to $7.5 billion after $375-million funding
Razorpay’s valuation has increased by more than seven times since it turned unicorn in October 2020 due to a pandemic-induced surge in demand for its payments gateway platform and neobanking vertical RazorpayX.
ETtech Deals Digest: Skit, Bikayi raise funds; Prosus acquires BillDesk
India's startup ecosystem witnessed smaller funding rounds this week.
Indian trio reap $500 million each selling payments startup
In an age where every funding round is touted in press statements and staff parties, Prosus-owned PayU found itself having to take complete charge of the acquisition announcement because BillDesk had never employed a PR firm.
For more startups, and their buyouts
Are large startups pre-empting competition by swallowing potential rivals? Are Indian founders losing control to foreign capital? These are valid concerns.
Prosus-backed PayU to acquire Indian payments gateway firm BillDesk for $4.7 billion
This will be one of the largest acquisitions in India’s digital payments space and by far the biggest move to consolidate the fast-growing sector. It comes at a time when the digital payments ecosystem is seeing huge traction.
Exclusive: Prosus deal adds to our heft, gives us necessary growth capital, says BillDesk cofounder
BillDesk, founded in the year 2000 by MN Srinivasu, Ajay Kaushal and Karthik Ganapathy, has been acquired by global technology investor Prosus in a $4.7 billion deal, one of the largest such transactions in the digital economy.
BillDesk cofounder on Prosus deal; pre-IPO boost for Paytm
BillDesk, the Indian fintech firm that predates the word 'fintech', will soon be acquired by global tech investor Prosus in a $4.7 billion all-cash deal. MN Srinivasu, one of the firm's cofounders, told us why BillDesk said yes to Prosus
Razorpay-Mastercard's Mandate HQ to aid banks
Platform to help banks with recurring payments
State Bank of India invests in fintech startup Cashfree
The State Bank of India (SBI) investment fits perfectly with Cashfree’s growth strategy as it continues to focus on customer experience and product innovation, CEO Akash Sinha says.
J.P. Morgan ties up with BillDesk for online payments partnership
Through this partnership, J.P. Morgan’s clients in India will be able to independently initiate statutory and utility payments online with more than 100 merchants that BillDesk partners with, securely and without additional manual assistance from their partner banks.
ICICI Bank enables customers to break high-value transactions into EMIs
Customers can purchase gadgets or pay for their insurance premium or school fees in easy EMIs from their savings account using the internet banking platform, bank said.
CCAvenue collaborates with Riyad Bank to make inroads into Saudi Arabia's digital payment space
In collaboration with Riyad Bank the company will expand its payment platform in Saudi Arabia at a time when there is an upsurge in the country’s eCommerce market.
PE-VC fundings close ’18 at record high of $33 billion
Data from research firm Venture Intelligence showed a 36% increase in PE-VC investments during 2018 across 720 deals, compared to $24.3 billion invested across 734 deals in 2017.
Visa takes minority stake in Billdesk, valuation hits $1.8 billion
Visa’s investment and collaboration will help BillDesk develop new product lines for its payments and loyalty businesses.
Visa may invest in BillDesk, valuing co at $1.5-2 billion
For Visa, an investment in BillDesk would help the American firm cement its position in the payments ecosystem in India.
RBI should ensure fair MDR share: ePayment companies
As of now, MDR share is higher for the issuing entity while acquiring co gets a much smaller share.
BharatQR launched by Visa, Billdesk across 50 utility service providers
This partnership would enable a major shift towards pushing of bill payments into digital mode especially through QR codes and also give a boost to transactions through BharatQR which was majorly promoted by the Reserve Bank of India.
Fresh MDR charges not viable for the payments industry, says Payments Council
The Council has also suggested equal sharing of charges between the acquiring bank and the issuing bank which presently is lopsided towards the issuing bank.
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