The Competition Commission of India (CCI) has given the green light to the purchase of IndiaIdeas.com Limited (IIL) by PayU Payments Private Limited (PayU India).
IIL, which is an unlisted public limited company, carries out business in India under the name of BillDesk.
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Last year in August, PayU signed a $4.7bn deal to buy BillDesk, a provider of digital payment solutions.
Prosus, a global consumer internet group, indirectly holds the shares of PayU India.
Naspers, listed on the Johannesburg Stock Exchange, has 73.6% voting rights in Prosus.
Established in 2000, BillDesk helps develop and operate payment platforms for businesses, governments, and financial institutions.
The company works with startups, large corporates and multinational companies across sectors to deliver comprehensive solutions.
BillDesk provides payment aggregator solutions, including online payments, international payments, and recurring payments.
The firm’s biller network solutions include billers, agents, as well as bill payment and recharge solutions.
It also offers recurring payment solutions, including cards, eNACH and UPI autopay.
The acquired business is expected to help PayU become one of the major online payment providers across the globe by total payment volume.
PayU India offers payment aggregation services, which allow merchants and other entities to secure payments from their customers across several digital payment methods.
In India, PayU serves over 4,50,000 merchants with more than 100 payment methods. It is a preferred payment partner for e-commerce merchants, including major e-commerce companies and airline businesses.
