India’s antitrust watchdog has authorised PayU’s proposed acquisition of funds gateway BillDesk, the second largest M&A deal inside the South Asian market’s shopper web space, greater than a yr after the two firms introduced their merger plan.
The rivals fee of India mentioned in a tweet that the deal had been authorised, however did not elaborate. The watchdog extensively evaluated the scope of the deal, introduced in August final yr, in latest quarters, meeting a quantity of rivals and completely different enterprise gamers, people aware of the matter mentioned.
The CCI requested the two firms to submit a up up to now utility in April this yr, Indian information outlet CapTable reported earlier.
“people inside the know say the deal is underneath intense scrutiny from an antitrust perspective primarily ensuing from string of acquisitions that PayU and its father or mother entity, Naspers, have made in India and likewise ensuing from mixed dimension of the two firms.” the outlet added.
Prosus Ventures-owned PayU and 20-yr-previous BillDesk course of a vital quantity of funds transactions in India. as quickly as mixed, they might assume a clear lead inside the Indian market — music to buyers’ ears however worrying indicators for any regulator.
“collectively, PayU India and BillDesk shall be succesful to fulfill the altering funds wants of digital prospects, retailers and authorities enterprises in India and supply state-of-the-artwork know-how to method extra of the excluded sections of society, whereas adhering to the regulatory ambiance in India and delivering sturdy shopper safety,” Prosus mentioned on the time of acquisition announcement.
PayU and BillDesk compete with Paytm, Razorpay and Cashfree.