Company type | Private |
---|---|
Industry | Finance |
Founded | 2000 |
Founder |
|
Headquarters | Mumbai, Maharashtra, India |
Area served | India |
Services |
Payment platform E-commerce payment system Bill payment |
Revenue | ₹2,124 crore (US$270 million) (FY 2021) [1] |
₹245 crore (US$31 million) (FY 2021) [1] | |
Parent | IndiaIdeas.com Ltd [2] [3] |
Subsidiaries | |
Website |
www |
BillDesk is an Indian online payment gateway company based in Mumbai. [6] The company provides an online payment platform for its clients which enables banking and merchant website transactions. [7] [8] [9]
BillDesk was founded by Indian entrepreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000. [10] The three previously worked at American accounting firm Arthur Andersen LLP. [11]
In 2017, BillDesk launched the first Indian cryptocurrency exchange called Coinome. [12]
In 2001, BillDesk received its first investment from SIDBI Venture Capital Ltd and Bank of Baroda. [13]
In 2006, Clearstone Venture Partners and State Bank of India jointly invested $7.5 million in the company. [13]
In 2012, US-based PE firm TA Associates made an undisclosed investment in BillDesk. [13]
In 2015, BillDesk received an investment of US$200 million from General Atlantic and Temasek Holdings thereby giving the company a total valuation of USD 1 billion dollars. [11] General Atlantic remains the largest shareholder in the company, with 35% ownership in the company. [14]
In August 2021, PayU announced that it would acquire BillDesk for $4.7 billion in an all-cash deal, which would make it the largest fintech acquisition in India. [15] [16] However, the deal was terminated in October 2022. [17]
As of 2015, the company is worth USD 1 billion. [18] Sanjeev Krishan, leader (transaction services and private equity) at PwC India estimated that in the year 2015, 70% of India's online billing transactions were conducted through BillDesk. [13]
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. [19]