Indian trio sells startup for $1500 million !! Its huge - YP Buzz

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                  When three advisers from Arthur Andersen LLP began building a digital payment company about a thousand years ago, the first supporter of the institution they found was the one who lent it to the Indian government. This week Prosus NV bought BillDesk for $ 4.7 billion, investing half a trillion dollars per trio with a combined share of 31%.



The story of M. Srinivasu, Ajay Kaushal, and Karthik Ganapathy oppose the laws in the original text of India. At a time when all sectors of the financial system were included in media statements and trade unions, the Proses-run PayU found itself having to fully handle the acquisition notice because BillDesk had never used a PR company.

"We are not the new founders to start with," Srinivasu said by telephone, hastily adding that while Kaushal was also 53 years old, Ganapathy "pushes only 50." “When we started on January 1, 2000, we had no intention of starting. We thought it would be a good opportunity to build something at the crossroads of technical and financial services, it was just a gut feeling. ”

While the three have sold all their stakes, they will continue to be part of the business, Srinivasu said, without elaborating. The Proses agreement could strengthen competition in India's bustling fintech industry, where it sees a huge opportunity to measure as "anyone can move $ 100 million or $ 0.05 per second without charge."

The founders met while working in the financial services sector at Arthur Andersen and quit in 1999, just a few years before major accounting ended after the 2002 Enron Corp scandal. All graduates of the Indian Prime Minister's Indian Institute of Management leave as it is - so-called successful career pursuits to become an entrepreneur without significant savings.

BillDesk's first sponsors were Baroda Bank and the Small Industries Development Bank of India, both state-owned and opposed to the idea of modern large private companies. It may be greater than a decade and a half before big-name investors like Temasek Holdings Pte, Visa Inc., and General Atlantic LLC entered.

 BillDesk had developed a global customer list and was providing his gateway to millions of customers making Indian payments to Inc. or the Microsoft Corp. LinkedIn service, which buys subscriptions to Netflix Inc. or does it at Apple Inc.'s local online store. BillDesk started testing the IPO this year and appointed investment banks. Proses then arrived at the scene a few weeks ago and offered a 100% purchase.

The attraction was clear: More than 800 million Indians use the internet, and e-commerce is expected to explode as China attacks its technology sector.

BillDesk started when the Indian Internet user base stood at about 50,000. On the other hand, the company's technology pipeline collected billing data from services such as power and water suppliers and telecommunications companies. On the other hand, it has collected paper authority from bank customers to pay for these services in their accounts.

It was found to be a robust system. Customers no longer need to line up to pay bills. Applicants do not have to spend millions of hours synchronizing a bank transaction. And banks did not have to deal with physical payments when customers closed their branches.

The more growth of digital payments following the ubiquitous internet availability of smartphones has given BillDesk momentum. It now supports all forms of payment from insurance to tax taxes, with recurring payments such as mutual investments, credit card payments, and school fees.

The company which charges a commission and shares a percentage with banks has been profitable since 2007. It received $ 253 million for the full financial year for the 2021 financial year, with pre-interest income, taxes, depreciation, and levies amounting to $ 42 million, subject to Prosus' regulatory inclusion as part of the acquisition.

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