Edited excerpts from the Press Release:
TA Associates, a leading global growth private equity firm, today announced it has acquired a minority stake in BillDesk,India’s largest online payment services company. Dhiraj Poddar, Director, TA Associates Advisory Pvt. Ltd., will join the company’s Board of Directors.
Founded in 2000, BillDesk partners with multiple banks, card issuers, service providers and merchants in providing electronic bill presentment and payment and online payment services in India. Today, BillDesk’s network is used by over 50 of India’s largest banks and by large merchants across diverse industry segments, including utilities, telecom, insurance, mutual funds, travel and e-commerce.
“While India is today dominated by paper-based transactions, electronic transactions are quickly gaining favor,” said Naveen Wadhera, Director, TA Associates Advisory Pvt. Ltd.,“There is growing acceptance of online payments by retail consumers, for products and services procured both online and offline, such as electrical service, mobile phone service and insurance. The very large Indian market, with its low but rapidly increasing online penetration, should continue to present significant growth opportunities for an established industry leader such as BillDesk.”
Khaitan & Co and Goodwin Procter LLP provided legal counsel to TA Associates. AZB & Partners served as legal counsel to BillDesk.
A flagship brand of IndiaIdeas.com Ltd., BillDesk is India’s leading payments service provider.The companyoperates as a neutral service bureau aggregating multiple banks, billing companies and other corporations onto a common standards-based platform for delivering electronic payments and collection services across multiple electronic channels. BillDeskdelivers and manages specialized electronic payments solutions of various vertical markets such as banking, telecom, insurance, utilities and financial services. Built on a versatile platform, BillDesk makes the payments experience faster, more convenient, more reliable and more secure for both the consumer and the financial institution. India’s largest billing companies and about 50 of the leading banks in the country partner with BillDesk in enabling electronic payments and collections solutions for their customers. BillDesk is headquartered in Mumbai, with offices throughout India. For more information, please visit www.billdesk.com.
About TA Associates
Founded in 1968, TA Associates is one of the largest and most experienced middle-market growth private equity firms. The firm has invested in over 400 companies globally and has raised more than $16 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the healthcare, technology, financial services, business services and consumer industries. More information about TA Associates can be found at www.ta.com.