BillDesk is an Indian online
payment gateway
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The ...
company based in
Mumbai
Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...
. The company provides an online payment platform for its clients which enables banking and merchant website transactions.
History
BillDesk was founded by Indian entrepreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000. The three previously worked at American accounting firm
Arthur Andersen
Arthur Andersen was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporat ...
LLP.
In 2017, BillDesk launched the first Indian
cryptocurrency exchange
A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may acc ...
called Coinome.
Fundraising
In 2001, BillDesk received its first investment from
SIDBI Venture Capital Ltd and
Bank of Baroda
Bank of Baroda (BOB or BoB) is an Indian public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India, with 132 million customers, a total business of US$218 billion, ...
.
In 2006,
Clearstone Venture Partners
Clearstone Venture Partners is an early stage venture capital firm focused on IT investing with offices in Santa Monica, CA, Palo Alto, CA, and Mumbai, India. Founded in 1997, as Idealab Capital Partners, Clearstone is responsible for the ea ...
and
State Bank of India jointly invested $7.5 million in the company.
[
In 2012, US-based PE firm ]TA Associates
TA Associates, founded in 1968, is one of the early modern-era private equity firms in the United States. The firm leads buyouts and minority recapitalizations of profitable growth companies. TA invests across five industry groups: technology, hea ...
made an undisclosed investment in BillDesk.[
In 2015, BillDesk received an investment of US$200 million from ]General Atlantic
General Atlantic (also known as "GA") is an American growth equity firm providing capital and strategic support for global growth companies, headquartered in New York, United States. The firm was founded in 1980 as the captive investment team for ...
and Temasek Holdings
Temasek Holdings (Private) Limited, or simply Temasek, is a Singaporean state holding company owned by the Government of Singapore. Incorporated on 25 June 1974, Temasek owns and manages a total of US$496.59 billion (S$671 billion) in assets u ...
thereby giving the company a total valuation of USD 1 billion dollars.[ General Atlantic remains the largest shareholder in the company, with 35% ownership in the company.
In August 2021, ]PayU
PayU is a Netherlands-based payment service provider to online merchants. The company was founded in 2002, and is headquartered in Hoofddorp. It allows online businesses to accept and process payments through payment methods that can be integrate ...
announced that it would acquire BillDesk for $4.7 billion in an all-cash deal, which would make it the largest fintech
Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are r ...
acquisition in India. However, the deal was terminated in October 2022.
Business
Billdesk is one of the few profitable fintech companies in India. As of 2015, the company is worth USD 1 billion.[
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
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible f ...
.
See also
* Infibeam Avenues
References
External links
*
{{FinTech in India
Financial services companies established in 2000
Internet properties established in 2000
Online payments
Payment service providers
Mobile payments in India
Companies established in 2000