BillDesk

BillDesk
Type of site
 Private
Founded 2000 (2000)
Headquarters Mumbai
Area served India
Founder(s) M.N. Srinivasu
Ajay Kaushal
Karthik Ganapathy
Products Money transfer, Bill Payment
Website www.billdesk.com

BillDesk is an Indian online payment gateway company based in Mumbai, India.

As of 2015, the company is worth USD 1 billion.[1]

Background

India's online payment market is estimated to be worth around USD 1 billion.[1] It is currently growing at the rate of 50% per year.[2] In 2015, cashless online payments have surpassed paper currency payments for the first time.[1]

It is estimated that 70% of India's online billing transactions are conducted through BillDesk.[2]

BillDesk is a financially independent company and is monitored as a participant under the Payments and Settlements Systems Act, 2007 (Act 51 of 2007) that is regulated and supervised by the Reserve Bank of India.[3]

History

BillDesk was founded by Indian entrepreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000.[4] The three previously worked at American accounting firm Arthur Andersen LLP.[5] all three founders are graduates of Indian Institute of Management, Ahmedabad (IIMA).[6]

In 2001, BillDesk received its first investment from SIDBI Venture Capital Ltd and Bank of Baroda.[2]

In 2006, Clearstone Venture Partners and State Bank of India jointly invested $7.5 million in the company.[2]

In 2012, US-based PE firm TA Associates made an undisclosed investment in BillDesk.[2]

In 2015, BillDesk received an investment of USD 200 million from General Atlantic and Temasek thereby giving the company a total valuation of USD 1 billion dollars.[5]

References

  1. 1 2 3 "Online Payment Service Provider BillDesk Bags $200M from General Atlantic". iamwire. 2015-10-30. Retrieved 2016-10-12.
  2. 1 2 3 4 5 Balakrishnan, Reghu (2015-10-30). "General Atlantic, Temasek set to invest Rs1,000 crore in BillDesk". livemint.com. Retrieved 2016-10-12.
  3. ↑ "BillDesk". www.quadlabs.com. Retrieved 2016-10-12.
  4. ↑ "BillDesk To Boost Mobile Billing In India – Tech2". Tech2. 2006-09-04. Retrieved 2016-10-12.
  5. 1 2 "BillDesk to raise $200 million at $1 billion value | Gadgets Now". Gadget Now. Retrieved 2016-10-12.
  6. ↑ "Billdesk | Woolor". www.woolor.com. Retrieved 2016-10-12.
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