BillDesk is an Indian online payments company based in Mumbai, India.
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As of 2015, the company is worth USD 1 billion.
Background
India's online payment market is estimated to be worth around USD 50 billion. It is currently growing at the rate of 50% per year. In 2015, cashless online payments have surpassed paper currency payments for the first time.
It is estimated that 70% of India's online billing transactions are conducted through BillDesk.
BillDesk is a financially independent company and is monitored as a participant under the Payments and Settlements Systems Act, 2007 (Act 51 of 2007) that is regulated and supervised by the Reserved bank of India.
History
BillDesk was founded by Indian enterpreneurs M.N. Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000. The three previously worked at American accounting firm Arthur Andersen LLP. All three founders are graduates of Indian Institutes of Management (IIM).
In 2001, BillDesk received its first investment from SIDBI Venture Capital Ltd and Bank of Baroda.
In 2006, Clearstone Venture Partners and State Bank of India jointly invested $7.5 million in the company.
In 2012, US-based PE firm TA Associates made an undisclosed investment in BillDesk.
In 2015, BillDesk received an investment of USD 200 million from General Atlantic and Temasek thereby giving the company a total valuation of USD 1 billion dollars.