Prosus NV announced that it had bought 100 per cent of the Indian payments platform Billdesk for $4.7 billion. Prosus said Billdesk would accompany its own PayU business. “Together, the two assume to making a financial ecosystem managing four billion transactions yearly, which is four times PayU India’s current level in India,” the company said.

BillDesk is one of India’s biggest payment platforms and had $37.05 million in net profit after tax for the year ended on March 31 2021. The purchase of Billdesk is based on regulatory approvals, including the Competition Commission of India (CCI). India has been a big focus for Prosus, and this acquisition makes the total investment in the Indian market over $10 billion, Prosus told.

“Together, PayU India and BillDesk will be able to change payments requirements of digital consumers, merchants and government companies in India and offer state-of-the-art technology to the eliminated areas of society, while sticking to the regulatory of India and delivering powerful consumer protection,” Prosus added.

Technology investor Prosus holds stakes in consumer internet companies in online marketplaces, educational software, food delivery and fintech. Prosus CEO Bob van Dijk said that “Payments and fintech is the focus of Prosus, and India remains our first choice for investment.”