TA Associates backs Indian online payment provider
TA Associates has acquired a minority stake in BillDesk, India’s leading online payment services provider. The investment, terms of which were not disclosed, is seen as a means of leveraging both increasing internet penetration in the country and growing acceptance of online payment.
"BillDesk has enjoyed significant growth and strong financial performance by offering simple, convenient and secure services beneficial to consumers, banks and merchants," said Dhiraj Poddar, a director at TA Associates, who will join the company's board of directors.
Founded in 2000, BillDesk provides electronic billing and online payment services through partnerships with banks, card issuers, service providers and merchants. The BillDesk network is used by over 50 of India's largest banks as well as by most major merchants across the utilities, telecom, insurance, mutual funds, travel, and e-commerce industries.
"We have become our industry's leading provider by thoughtfully partnering, and aligning our interests, with key merchants, banks and other institutions, and our new relationship with TA continues that tradition," said M.N. Srinivasu, co-founder and director of BillDesk.
Khaitan & Co. and Goodwin Procter provided legal counsel to TA Associates, while AZB & Partners worked advised BillDesk.
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