Prosus terminates the PayU deal to buy payment aggregator BillDesk

Tags: Economy/Finance

Prosus, owner of PayU, has announced the termination of its $4.7-billion deal to acquire India’s leading payments aggregator BillDesk.

On 31, August 2021, Prosus announced that its company PayU will buy the online payments firm BillDesk for $4.7 billion (about Rs 34,400 crore). It was approved by the Competition Commission of India (CCI) on September 5, 2022.

The Netherlands based Prosus in a statement said that ““Certain conditions were not fulfilled by September 30, 2022, and the agreement has terminated automatically”. 

Walmart’s $ 16 billion acquisition of e-commerce major Flipkart in 2018 is the biggest M & A (merger & acquisition) deal in the Indian fintech space.

Prosus has invested around $6 billion in Indian new tech companies like Swiggy, PharmEasy,Meesho,Byju,DeHaat, Mensa Brands, and Good Glamm Group.