Prosus to buy Indian payments platform BillDesk for $4.7bn

Dutch internet group Prosus has agreed to buy Indian payments platform BillDesk for $4.7bn.

Prosus said on Tuesday that the deal will see PayU, its payments and fintech business, become one of the leading online payment providers globally by total payment volume (TPV).

"Together, PayU India and BillDesk will be able to meet the changing payments needs of digital consumers, merchants and Government enterprises in India and offer state-of-the-art technology to even more of the excluded sections of society, while adhering to the regulatory environment in India and delivering robust consumer protection," Prosus said.

Prosus chief executive officer Bob van Dijk said: "We have a long and deep relationship with India, having supported and partnered with some of its most dynamic entrepreneurs and new tech businesses since 2005. We’ve invested close to $6bn in Indian tech to date, and this deal will see that increase to more than $10bn.

"BillDesk exemplifies the ambition and expertise of Indian entrepreneurs, who are among the best in the world, with exceptional abilities to build products and services and understand scale and value. This is critical in a country as vast as India."

At 0935 BST, Prosus shares were up 4.3% at €73.41.