Winning Bizness Desk
Mumbai. The biggest acquisition deal in the history of Indian financial technology has been cancelled. PayU-owned company Prosus has called off its deal with Indian payments company BillDesk, saying there were some conditions that were not met. The deal was worth $4.7 billion. In a statement issued on Monday, Prosus said, "The transaction in this acquisition deal was subject to compliance with various conditions, including the approval of the Competition Commission of India (CCI). PayU obtained CCI approval on September 5, 2022, however, certain conditions were not fulfilled till September 30, 2022. If this acquisition is completed, PayU would have become the largest player in the digital payments (B2B) segment. This would have created a large digital payments company with a total annual payment value (TPV) of over $147 billion.
Deal had got the approval of the CCI
On 31 August 2021, Prosus announced that an agreement was reached between its subsidiary PayU Payments Private Limited (PayU) and the shareholders of Indian digital payments provider BillDesk. The deal got the approval of the CCI in September, but it was yet to get the approval of the Reserve Bank of India (RBI). This process was to take at least 45 days.
Process is continuously working in India
Since 2005 till now, Prosus has been continuously investing and working in India. The company has invested $ 6 billion in Indian technology companies during this period. The company has now said that it will keep its focus on the Indian market and will continue to work to grow its existing businesses in this region. The company has invested in online shopping platforms Meesho, Byju's, DeHaat, Mensa Brands and Good Glam Group.