Mumbai based payments getaway, BillDesk has managed to raise over $250 million by international digital payment network Visa. According to various reports, the fundraising is a mix of primary and secondary transactions. Apparently, BillDesk was earlier planning for a strategic sale but then went for a financing round.
BillDesk, the largest online payments processing company in the country was founded in 2000 by three former Arthur Andersen executives — M N Srinivasu, Ajay Kaushal, and Karthik Ganapathy.
An investment in BillDesk by the American firm Visa will certainly help the company to have a strong hold over the payment ecosystem in India. Lately, Visa has been struggling to grapple in the market with the introduction of new modes like Unified Payments Interface, tech giants like WhatsApp Pay and Google’s Tez.
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According to speculations, the deal has almost been sealed, it is the amount that is being negotiated by the BillDesk in the backdrop of a hugely successful IPO of Dutch fintech startup and PayPal rival Adyen.
Currently, BillDesk is one among the rare profitable internet companies in India. In 2016, General Atlantic had picked up a 20% stake in Bill-Desk from its existing investors, valuing the company at $800 million.