India competition regulator approves $4.7bn BillDesk acquisition

India

The Competition Commission of India has officially approved the $4.7bn acquisition of BillDesk by the owner of PayU, Finextra has revealed.

The approval comes just a year after Prosus – a Dutch venture builder – agreed to acquire BillDesk and merge it with PayU, which a payments processing subsidiary.

Earlier this year, the CCI asked both companies to submit a new application for the deal, according to CapTable. The transaction builds on previous successful acquisitions by PayU in India, including CitrusPay, Paysense and Wibmo.

PayU India and BillDesk run similar businesses within India’s digital payment industry. The two companies claim that they intend to create a financial ecosystem handling four billion transactions annually.

Digit Insurance, an India-based insurer, recently revealed it was considering raising $440m through initial public offering (IPO) at a valuation of $4.5bn to $5bn.

A report by Reuters has revealed that Digit is looking to capitalised on India’s “under-penetrated” general insurance market along with users’ need for a better customer experience, including better claim settlements.

According to the report, the company’s prospectus was filed on Tuesday and showed that the IPO will consist of a fresh issue of shares worth 12.5 billion Indian rupees ($158m). Large existing shareholder will also sell up to 109.4 million shares.

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