TA Associates has put an undisclosed amount into Indian online payment services company BillDesk. Terms of the investment were not disclosed, though the firm said it was taking a minority stake in 12-year-old BillDesk.
TA Associates, a leading global growth private equity firm, today announced it has acquired a minority stake in BillDesk, India’s largest online payment services company. Terms of the investment were not disclosed.
Founded in 2000, BillDesk has become the most trusted payments service in India and the preferred partner for banks, businesses and large e-commerce merchants. The company partners with multiple banks, card issuers, service providers and merchants in providing electronic bill presentment and payment and online payment services in India. BillDesk’s solutions are tailored to the unique needs of specific industries and help merchants and financial institutions offer a wide range of channels for their customers to make payments and receive monies, securely and efficiently. Today, BillDesk’s network is used by over 50 of India’s largest banks and by most of the large merchants across diverse industry segments, including utilities, telecom, insurance, mutual funds, travel and e-commerce.
“BillDesk has enjoyed significant growth and strong financial performance by offering simple, convenient and secure services beneficial to consumers, banks and merchants,” said Dhiraj Poddar, Director, TA Associates Advisory Pvt. Ltd., who will join the company’s Board of Directors. “BillDesk has a highly skilled management team who understands the evolving payments space in India and is successfully executing on a sound business plan. We are very pleased to have advised on this investment and look forward to working closely with BillDesk to further build value in the company.”
“We are delighted to welcome TA as an investor in BillDesk,” said MN Srinivasu, Co-Founder and Director, BillDesk. “We have become our industry’s leading provider by thoughtfully partnering, and aligning our interests, with key merchants, banks and other institutions, and our new relationship with TA continues that tradition. 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.”
“While India is today dominated by paper-based transactions, electronic transactions are quickly gaining favor,” said Naveen Wadhera, Country Head – India and Director, TA Associates Advisory Pvt. Ltd., “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.”
Khaitan & Co and Goodwin Procter LLP provided legal counsel to TA Associates. AZB & Partners served as legal counsel to BillDesk. TA Associates Advisory Pvt. Ltd. provided advisory services on the investment.
A flagship brand of IndiaIdeas.com Ltd., BillDesk is India’s leading payments service provider. The company operates as a neutral service bureau aggregating multiple banks, billing companies and other corporations onto a common standards-based platform for delivering electronic payments and collection services across multiple electronic channels. BillDesk delivers and manages specialized electronic payments solutions of various vertical markets such as banking, telecom, insurance, utilities and financial services. Built on a versatile platform, BillDesk makes the payments experience faster, more convenient, more reliable and more secure for both the consumer and the financial institution. India’s largest billing companies and about 50 of the leading banks in the country partner with BillDesk in enabling electronic payments and collections solutions for their customers. BillDesk is headquartered in Mumbai, with offices throughout India. For more information, please visit www.billdesk.com.
About TA Associates
Founded in 1968, TA Associates is one of the largest and most experienced middle-market growth private equity firms. The firm has invested in over 400 companies globally and has raised more than $16 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the healthcare, technology, financial services, business services and consumer industries.