BillDesk up for sale but talks hit dead end; US hedge fund eyes stake in Swiggy

By Keshav Sunkara

  • 28 Mar 2018
Credit: Thinkstock

Mumbai-based IndiaIdeas.com Ltd, which operates payments gateway BillDesk, held separate discussions with PayU, American Express and PayPal for a potential sale but the talks fell through over valuation mismatch, Mint reported.

Citing three people aware of the development, the report said that BillDesk was seeking a valuation of $1.5-2 billion and that it would operate independently till it gets a buyer.

BillDesk counts private equity firms General Atlantic and TA Associates as well as Clearstone Venture Partners and Singapore state investment firm Temasek among its investors.

The company was founded in 2000 by former Arthur Anderson employees MN Srinivasu, Ajay Kaushal and Karthik Ganapathy. It provides electronic transaction processing services to banks, e-commerce companies, telecom operators, and state utilities.

BillDesk competes with billing aggregators such as Citrus Payment Solutions, CCAvenue, Oxigen and RazorPay.

Meanwhile, The Economic Times reported that technology-focussed hedge fund Coatue Management LLC is in talks to invest in online food delivery platform Swiggy.

Citing three people aware of the development, the report said that Coatue, Chinese e-commerce service platform Meituan-Dianping and two other investors are looking to invest $50-100 million in Swiggy.

New York-based Coatue is a global investment manager focused on public and private companies in the technology, media and telecommunications industries.

Bundl Technologies Pvt. Ltd, which runs Swiggy, raised $100 million (Rs 640 crore) last month in its Series F round. The round was led by existing South African investor Naspers and saw participation from Meituan-Dianping.

Meituan-Dianping had invested $40 million in this round, the ET report said.