BILLDESK REVENUE
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
BillDesk reports slight growth in revenue, fall in profit in FY23
BillDesk's operational revenue increased to Rs 2,678 crore for FY23, with net profit at Rs 141.9 crore. Entrackr reported the financials, highlighting revenue stagnation and profit strain over the last three years, surpassing competitors like Razorpay and CCAvenue.
Payments firm Cashfree posts 75% jump in FY23 revenue, losses bloat to Rs 133 crore
Total expenses for Cashfree more than doubled to Rs 750 crore during the year, mainly on account of employee costs jumping to Rs 198 crore from Rs 96 crore in the previous fiscal.
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.
PayU’s sharp focus on India could soon culminate in domestic public listing
As PayU exits other markets, it will focus on India, Turkey and South East Asia. For India, PayU wants to double down on the credit business across consumer loans and check out finance products.
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Puneet Chandok to head Microsoft India ops; PayU India may soon go for public listing
Former Amazon executive Puneet Chandok, who left the Seattle-based etailer’s Amazon Web Services team as its India and South Asia head, in June, will now lead the India operations of Microsoft. This and more in today’s ETtech Top 5.
PayU India income rises to $399 million, revenue growth slows
Even as overall income saw a bump, PayU India’s revenue growth rate slowed from the 42% witnessed in FY22.
Digital payments service BillDesk's profit declines 39% to Rs 149 crore, revenue grows to Rs 2,442 crore in FY22
Total consolidated revenues for the BillDesk’s parent stood at Rs 2,513.8 crore for FY22, company filings showed.
Prosus reports strong growth in Swiggy, Instamart, PayU in 2022
The figures for Swiggy are from January to June, while PayU’s are from April to September; Prosus has also changed its accounting policy for Byju’s.
Swiggy, PayU seeing strong growth, says Prosus; Sebi move jolts fund industry
Prosus, the Dutch-listed arm of South African technology investor Naspers, said on Wednesday that Swiggy and PayU, its food-delivery and payments companies in India, have recorded strong growth this year. It also said it stopped equity accounting for Byju’s in September as it lost its “significant influence” over the company after its stake fell below 10%.
PayU reports over 50% jump in revenue, clocks net profit of Rs 126 crore
PayU had reported Rs 1,415.67 crore in consolidated revenues for the fiscal year ending March 31, 2021 (FY21). It had also reported net losses of Rs 114.6 crore for the previous fiscal (FY21).
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.
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 dropped $4.7B BillDesk buy; deal had $50-100M breakup fee
The merger was expected to create an online payments gateway juggernaut that would process $147 billion in annualised total payments value (TPV), more than twice that of its nearest contender Razorpay, which processes $80 billion in annual TPV.
CCI nod to PayU-BillDesk $4.7B deal after a year; ONDC not a giant killer after all
This comes after a year-long wait for the Prosus-owned PayU which has had to answer several questions from the regulator over the past year since the deal was officially announced in August 2021.
PayU India submits revised merger notification to CCI on BillDesk deal
According to the revised notification, the Prosus-backed multinational said that “the proposed transaction will not cause any appreciable adverse effect on competition in any of the above relevant markets or their constituent segments.”
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.
Swiggy’s food delivery revenue grew 56% from April to Sept, Prosus says
Prosus said in a blog post that the performance of its global food businesses, which include Bengaluru-based Swiggy, remained strong on the back of complementary adjacencies such as convenience and grocery delivery.
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.
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.
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
Wall St boutique PJT Partners joins Indian M&A sweepstakes with PayU-BillDesk deal
The six-year-old firm had roped in former Citi India CEO Pramit Jhaveri as senior advisor to help grow base.
Recurring nightmare
In today's ETtech Morning Dispatch newsletter: BillDesk is expected to enjoy a virtual monopoly in processing recurring payments, RBI has tightened its rules for payment companies after several hacks, and pharma majors eye online foray.
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.
Billdesk’s revenue for FY18 rises 40% to Rs 929 cr, profit up 15%
Payments company Billdesk, which recently crossed the $1-billion valuation mark, posted a 40% increase in revenue from operations and 15% growth in profit for fiscal 2018.
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.
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