Investments, News

Online Payment Service Provider BillDesk Bags $200M from General Atlantic

Global private equity major General Atlantic (GA) is leading an up to a $200-million investment in online payment services provider BillDesk. With this fund, the latter’s valuation is expected to be $1billion.


(source)India’s online payments market is estimated at over $50 billion

A small part of the fund will be used to purchase some shares from an existing investor, Clearstone Venture Partners, while the rest of it will be used for the company’s overall growth. As ET reports, this is the largest investment deal in the domestic final technology sector.

Mumbai-based BillDesk has been Co-founded by MN Srinivas, Ajay Kaushal and Karthik Ganapathy. It counts many of the country’s top utilities providers, eCommerce engines, mobile and fixed line service providers, insurance companies and banks as its clients.

“What’s happening is that mobile banking is growing exceptionally fast, thereby, expanding the overall online payments pie. Almost 70-80% of new e-commerce transactions are happening over the mobile. This is benefiting the payment gateways in a big way. Additionally, with the launch of payment banks, the market will further grow,” said Vineet Toshniwal, MD at Equirus Capital.

India’s online payments market is estimated at over $50 billion and is growing immensely. Initially, people in India had their own inhibition towards using their credit/debit card for online payments. However, with the implementation of advanced security measures and the emergence of multiple online payment channels, cashless transactions have seen an ultimate growth, surpassing the paper-based transactions in India in FY 2015.

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