Prosus buys India's largest payment platform BillDesk at $4.7 bn

Technology investor Prosus NV said on Tuesday it had agreed to buy Indian payments platform BillDesk for $4.7 billion to complement its own PayU business.

"Together, the two expect to create a financial ecosystem handling 4 billion transactions annually - four times PayU's current level in India," the company said.

BillDesk, one of India's largest payment platforms, had $37.05 million in after tax net profit for the year ended March 31 2021, Prosus said.

India has been a major focus for Amsterdam-based Prosus. It said Tuesday's acquisition brings the total it had invested in the Indian market to more than $10 billion. In India, it is a major investor in Swiggy, one of two food delivery platforms fighting for dominance.