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

By Keshav Sunkara

  • 28 Mar 2018
BillDesk up for sale but talks hit dead end; US hedge fund eyes stake in Swiggy
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.

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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.

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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.

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

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