BillDesk, a property of IndiaIdeas.com Ltd. was conceived in early 2000 to solve the frustrations of most of the people when it comes to paying bills. BillDesk was created in order to help consumers like leverage on the potential of electronic medium to better organise and manage their payments, while escaping some of the pitfalls of traditional bill payment services.
As part of recent developments, Global Private Equity giant General Atlantic (GA) is leading a massive investment of upto $200 million investment in BillDesk. This move comes in the backdrop of ever expanding internet penetration and growing e-commerce adopting boost digital payments in India. The transaction is expected to value BillDesk — co-founded by three former Arthur Andersen executives M N Srinivasu, Ajay Kaushal and Karthik Ganapathy — at about $1 billion.
This will be the largest investment deal in the domestic final technology sector. Mumbai-based BillDesk counts many of the country’s top utilities providers, e-commerce engines, mobile and fixed line service providers, insurance companies and banks as its clients, making it the largest payment gateway in the country. India’s online payments market is estimated at over $50 billion and is growing in robust double digits.
Along with GA, Singapore based Temasek Holding will be a co-investor in the deal. However, 70% of the funding will be through General Atlantic. so far, General Atlantic has managed to invest about $1.8 billion in various venture in India.
This definitely will be the much awaited investment round in the growing startup ecosystem of the country and we hope that BillDesk would be ready with the post investment plan in order to compete with other market players in the same league like Pay U, Paytm, and Citrus Pay.