Billdesk has been one of the oldest Indian online payments companies. The company was founded in 2000 and has now grown significantly to become one the most trusted companies in online payment services for a lot of companies and services.
The Indian Digital Review reports that TA Associates, a global private equity firm has acquired a minority stake in Billdesk. The amount of this investment has not been disclosed yet. This is a good boost forward for the company and will help it to build more solutions which can adapt to the rapidly changing online payment scene.
Billdesk currently powers most of the payments processed by Indian companies via some of the top banks in India. These companies are into diverse sectors and include utilities, telecom, insurance, mutual funds, travel and several ecommerce websites.
M.N Srinivasu, Co-Founder and Director of BillDesk spoke of the investment saying, “We are delighted to welcome TA as an investor in BillDesk. With their wealth of experience investing in the financial technology sector globally, as well as their significant resources, we anticipate a successful business partnership with TA.”
Naveen Wadhera, Country Head – India and Director, TA Associates, said, “While India is today dominated by paper-based transactions, electronic transactions are quickly gaining favor. There is growing acceptance of online payments by retail consumers, for products and services procured both online and offline, such as electrical service, mobile phone service and insurance. The very large Indian market, with its low but rapidly increasing online penetration, should continue to present significant growth opportunities for an established industry leader such as BillDesk.”
Since Billdesk is a seasoned veteran of the online payment systems, they should now look moving into new and upcoming territories like Mobile Commerce since other companies like Paypal are already eyeing the Indian market. Should all online companies be mobile commerce ready? What are your thoughts?