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BillDesk to receive $200 mn funding

Indian payments gateway company BillDesk will receive $200 million investment. The transaction is expected to value BillDesk at at about $1 billion, according to news reports. This is the largest investment deal in the domestic financial technology sector. BillDesk plans to explore inorganic growth as consolidation is likely to play out in the emerging online payment gateway sector, which has attracted quite a few recent venture-backed start-ups. Private equity major General Atlantic will bring 70% of the money. Singapore’s Temasek Holding will be a co-investor. The investment will also involve a secondary deal to purchase some shares from an existing investor, Clearstone Venture Partners. TA Associates is BillDesk’s single largest investor. State Bank of India, Bank of Baroda and National Venture Fund for Software and Information Technology promoted by SIDBI are its other investors.

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