BillDesk (Ofer Abarbanel online library)

BillDesk is an Indian online payment gateway company based in Mumbai, India.[1]

As of 2015, the company is worth USD 1 billion.[2]

Background

India’s online payment market is estimated to be worth around USD 1 billion.[2] It is currently growing at the rate of 50% per year.[3]

In 2015, cashless online payments have surpassed paper currency payments for the first time.[2]

It was estimated that in the year 2015, 70% of India’s online billing transactions were conducted through BillDesk.[3]

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.[4]

History

BillDesk was founded by Indian entrepreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000.[5] The three previously worked at American accounting firm Arthur Andersen LLP.[6]

In 2001, BillDesk received its first investment from SIDBI Venture Capital Ltd and Bank of Baroda.[3]

In 2006, Clearstone Venture Partners and State Bank of India jointly invested $7.5 million in the company.[3]

In 2012, US-based PE firm TA Associates made an undisclosed investment in BillDesk.[3]

In 2015, BillDesk received an investment of USD 200 million from General Atlantic and Temasek thereby giving the company a total valuation of USD 1 billion dollars.[6]

References

  1. ^“BillDesk Drops Expenses By 77% In FY18, Increases Net Profit By 15%”. Inc42.
  2. ^ Jump up to:ab c “Online Payment Service Provider BillDesk Bags $200M from General Atlantic”. iamwire. 2015-10-30. Retrieved 2016-10-12.
  3. ^ Jump up to:ab c d e Balakrishnan, Reghu (2015-10-30). “General Atlantic, Temasek set to invest Rs1,000 crore in BillDesk”. livemint.com. Retrieved 2016-10-12.
  4. ^“BillDesk”. www.quadlabs.com. Retrieved 2016-10-12.
  5. ^“BillDesk To Boost Mobile Billing In India – Tech2”. Tech2. 2006-09-04. Retrieved 2016-10-12.
  6. ^ Jump up to:ab “BillDesk to raise $200 million at $1 billion value | Gadgets Now”. Gadget Now. Retrieved 2016-10-12.

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