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PayU acquire Indian Payment Giant BillDesk for $4.7 billion

1Sep By NitishNo Comments

ACQUISITION

PayU acquire Indian Payment Giant BillDesk for $4.7 billion

Mumbai, 1st Oct 2021: In one of the biggest deals in the Indian consumer internet space, global player Prosus NV on Tuesday said its fintech business PayU will buy digital payments provider BillDesk for USD 4.7 billion With the deal, the Netherlands-incorporated Prosus NV's investment in India will jump to more than USD 10 billion. The PayU-BillDesk transaction, which is subject to approval from the Competition Commission of India (CCI), is expected to close by early 2022, Prosus Group CEO Bob van Dijk told reporters during a briefing. "The combination will create a leading digital payments company in India and globally, and it is exceptionally well-positioned to expand deeper into the Indian fintech ecosystem as more and more Indian customers move from cash to digital transactions,...

PayPal Posts Record Profit and Net Active Accounts in Q2 2020 Results

30Jul By AdityaNo Comments

Market

PayPal Posts Record Profit and Net Active Accounts in Q2 2020 Results

International Payment gateway PayPal posts record surge in transactions and new accounts that make 86 percent higher profit in Q2 2020. During this pandemic hit quarter, Paypal processed $222 billion (roughly Rs. 16.61 crores) in payments over the period, up 30 percent from a year earlier. The rate of payment growth compares with a year-earlier increase of 26 percent that had slowed to 19 percent in the first quarter when the pandemic broke and retail spending collapsed broadly. The company added 21.3 million accounts during the quarter, up 137 percent from a year earlier. Net income increased to $1.53 billion (roughly Rs. 11,446 crores), or $1.29 (roughly Rs. 90) per share, in the quarter ended June 30, from $823 million (roughly Rs. 6,159 crores), or 69 cents per s...

Razorpay Offers ESOP Buyback for Second Time in a Year

14Nov By AdityaNo Comments

News

Razorpay Offers ESOP Buyback for Second Time in a Year

Razorpay, India’s first converged payments solution company announced the implementation of the second ESOP Buyback plan for its employees, both existing and former. All existing and former employees who hold vested stocks will be eligible to sell up to 30% of their vested ESOP shares of the company. Sequoia India and Ribbit Capital, two of Razorpay’s key investors will be the buyers at a premium. While ESOP Buybacks have been part of employee welfare in larger organisations, the startup industry particularly in India, has started to see these developments since recently. This depicts the healthy growth that the startup ecosystem has been witnessing. Razorpay’s 600 people team raised their Series-C funding in June this year and the ESOP Buyback plan is a reflection of the f...

Kishore Biyani Lauded Amazon Deal, Help Future Group on Payment Side

27Aug By AdityaNo Comments

Entrepreneurs Talk

Kishore Biyani Lauded Amazon Deal, Help Future Group on Payment Side

Future Group founder Kishore Biyani has said global e-commerce giant Amazon's investment in the firm is not just to raise money but also to become a part of the ecosystem. The company recently announced Amazon picking up a full 49 percent stake in Future Coupons, the promoter entity of Future Retail, with an option to acquire the entire stake later. Future Coupons currently does not own a stake in Future Retail but had recently subscribed to convertible warrants for Rs 2,000 crore. "We had subscription warrants of our company and we had to raise money, so the deal was struck. Moreover, the investment by Amazon is strategic to become a part of the ecosystem," Biyani said here late Monday evening. He said the deal is basically aimed at enhancing the payments portfolio of both the...

18Jul By AnkitaNo Comments

ACQUISITION

Visa acquires Payment Gateway Payworks

Munich, Germany & San Francisco, United States: Visa has acquired Payworks, a Munich-based provider of next-generation payment gateway software for the Point of Sale (POS). Visa will bring Payworks’ cloud-based solution for in-store payment processing together with its CyberSource digital payment management platform to create a fully integrated payment acceptance solution for merchants and acquirers. The joint offering will provide acquirers and payment service providers with a modern, fully white-labeled omnichannel payment management platform. The combined capability will enable Visa’s clients to offer a unified payment experience whether their customers are paying in-store, in-app or online. The acquisition builds on a strategic partnership and investment Visa made in Pay...

3Apr By Sheldan RungasamyNo Comments

News

Paytm App Undergoes Major Makeover!

Paytm, the Indian payment gateway mammoth, has redesigned its app to make it more user friendly and spontaneous. The application update allows users to personalize the app and provide a better overall experience to the user by displaying the most used ways of customizing the app. Transferring money is also something that the Paytm engineers worked heavily upon by making it easier, simpler and faster. Furthermore, now Paytm will also offer instant transfers from a user’s Paytm Payments Bank account or Paytm wallet to any other bank without charge. The major feature of this new look is the possibility to make bank-to-bank transactions under the section of ‘Money Transfers.’ The payment gateway app provisioned a budget of Rs 250 crore to endorse money transfers and presumes that this new o...

Billdesk Revenue at INR 520 Cr in FY15-16, Profit Soars Up to 76 Cr

18Feb By NitishNo Comments

ANALYSIS, News

Billdesk Revenue at INR 520 Cr in FY15-16, Profit Soars Up to 76 Cr

Billdesk, one of India’s earliest online payment gateway solution providers, has reported a revenue of INR 520 Crores in FY15-16 with a PAT of INR 76 Crores. According to the webaite Tofler, Billdesk is one of the popular payment gateways used by online merchants and you must have spotted the name while making a payment online. INDIAIDEAS COM LIMITED, which owns and operates Billdesk, reported its 2015-2016 financial result, and its annual revenue at INR 520.2 Crores, is the highest in the company’s history. Billdesk was estimated to have 70% of the online billing market in India back in 2015. It competes with other billing aggregators like Citrus Payment Solutions, CCAvenue etc. However, with the advent of Payment Banks, BBPOU and UPI amidst the demonetization frenzy, which is yet ...

Infibeam Acquired Another 7.5% stake in CC Avenue for Rs 150 Crore

15Feb By NitishNo Comments

ACQUISITION

Infibeam Acquired Another 7.5% stake in CC Avenue for Rs 150 Crore

Gujarat based India's first listed e-commerce company Infibeam acquired 7.5% stake in CC Avenue by investing Rs 150 crore. The e-commerce company has already owns a 3.85% stake in CC Avenue through subsidiary NSI Infinium Global. The recent acquisition will merge CC Avenue with Infibeam online payment gateway at about Rs 2,000 crore. On Monday, Infibeam posted third-quarter net profit to Rs 12.8 crore from Rs 50 lakh a year earlier. Revenue rose 14% to Rs 102.7 crore. “Integration of the payment platform with logistic and warehousing, ad and domain registry along with its data centre and data analytics, the value-added services provided by Infibeam would make a full circle in providing all services under one roof,“ said Vishal Mehta, the managing director of Infibeam. “CC Avenue s...

Razorpay First Payment Gateway to Announce Zero Transaction Fees on Debit Cards

24Nov By AnkitaNo Comments

News

Razorpay First Payment Gateway to Announce Zero Transaction Fees on Debit Cards

Razorpay, an online payments platform, announced today that it is waiving off all service charges on Debit Card transactions for all of its 10,000+ merchants, from 12 PM on Nov 24 till December 31, 2016. This move is aimed at helping businesses affected by demonetization and encourage users to transact online. While some banks are still deciding upon the waiver proposed by RBI, Razorpay has taken initiative and is the first payment gateway to remove all charges for debit cards. Debit cards are the most popular mode of online payments. In July 2016, a total of 25.94 million credit cards and 697.22 million debit cards were in operation, according to the Reserve Bank of India. In July 2016, total number of transactions through credit cards were 79.44 million while the figure for debit card...

Payment Gateway PayPal Starts a Service to Safeguard Cross-Border Digital Transactions

30Jun By PriyankaNo Comments

News

Payment Gateway PayPal Starts a Service to Safeguard Cross-Border Digital Transactions

International payment gateway PayPal today began a service to safeguard cross-border digital transactions which will, in turn, insulate sellers and buyers from frauds. Under the companys seller protection programme for intangibles, two types of buyer complaints will be covered ? Unauthorised Transaction, when a buyer claims that he or she didnt authorise the payment and Item Not Received, when a buyer pays for the service but claims that he or she did not receive the service. "A key objective for PayPal in India is to ensure that genuine sellers, small or big, are protected from unauthorised claims and chargebacks. Growing instances of online fraud act as a barrier for sellers selling online services and other intangible goods to clients abroad," PayPal India Country Manager and ...