CCI Nod To PayU’s BillDesk Acquisition: The Competition Commission of India has approved the purchase of payment gateway firm BillDesk by online payment PayU’s. The Competition Commission of India (CCI) has given this information by tweeting itself. Payment PayU’s is going to buy BillDesk for $4.7 billion i.e. Rs 36,600 crore.
The Competition Commission of India tweeted that the commission has approved the purchase of 100% stake in IndiaIdeas.Com i.e. BillDesk by PayU’s. Prosus had announced last year in August 2021 that it would buy BillDesk along with its fintech subsidiary PayU. BillDesk provides online payment gateway services for auto payment settlement. But knowing after a year, the deal has been approved.
— CCI (@CCI_India) September 5, 2022
This is the biggest acquisition in India’s digital space after Walmart bought e-commerce giant Flipkart for $16 billion in 2018. According to PayU, after this acquisition, it will become the largest payment service provider in India and the world, with an annual payment volume of $ 147 billion.
However, it took a year to approve the deal. The CCI had also issued a show cause notice to PayU. And more information was sought regarding the deal. Earlier, the information given by the CCI was underreported.