PayU will acquire BillDesk, the deal has been cleared by CCI.
The country’s second-largest internet deal has been cleared by CCI, and PayU will acquire BillDesk, knowing how much the deal has done.
The Competition Commission of India (CCI) has approved the acquisition of payment gateway Billdesk to PayU. CCI gave this information through a tweet on Monday.
The Commission has taken a long time to approve this agreement and after a lot of question-and-answer with PayU, has given the green signal to the deal.
BillDesk will be acquired for $ 4.7 billion (about 30 thousand crore rupees).
At present, a detailed order is awaited from the Competition Commission in this matter. Right now this deal will have to get final regulatory approval from the Reserve Bank of India (RBI).
According to a report by Moneycontrol, this is the second biggest deal in India’s internet sector after Walmart acquired Flipkart in 2018.
According to multiple sources, CCI had also approached rival companies of PayU and BillDesk in this matter before approving the deal.
They compete with companies like Razorpay, Pine Labs, Paytm, Infibeam Avenue, and Mswipe in India.
22 years old BillDesk.
BillDesk was started in the year 2000 by MN Srinivasu, Ajay Kaushal, and Karthik Ganapathi. The company’s focus is on initiation, acceptance, and collection of payments.
BillDesk as a payment aggregator provides over 170 payment methods.
In addition, it also provides biller network solutions through Bharat Bill Payment System (BBPS). The company also collects monthly installments.
The acquisition was announced in 2021.
PayU announced the acquisition of BillDesk on 31 August 2021 for $4.7 billion. Since then the deal is awaiting regulatory approval.
This will be PayU’s fourth acquisition in India after the completion of this agreement.
The company acquired Citrus Pay in 2016, Bimbo in 2019, and PaySense in 2020. The company intends to create a complete fintech ecosystem in India.