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Three co-founders built a business, raised $245 million from large venture investors and corporations, and created a profitable enterprise. More than 20 years later, the finish line for payment gateway firm BillDesk was finally in sight—an exit through a $4.7 billion deal with global payments major PayU.
The deal was set to be the second largest in the Indian startup ecosystem and the largest fintech exit ever. However, it ended up as a case of so near, yet so far.
Within a month of the deal receiving clearance from the Competition Commission of India on October 3, PayU terminated the agreement to acquire BillDesk, citing certain unfulfilled obligations.
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