Prosus NV said on Tuesday that it had bought 100% of Billdesk, an Indian payments platform.
According to Prosus, the transaction would increase the company's total investment in Indian technology to more than $10 billion.
PayU and the owners of Indian digital payments company BillDesk have struck an agreement to buy BillDesk for $4.7 billion, according to Prosus NV, a global consumer internet group and technology investor.
PayU, Prosus' payments and fintech company, which operates in more than 20 high-growth regions, will become one of the world's largest online payment providers by total payment volume as a result of the proposed purchase (TPV).
Billdesk, according to Prosus, will complement its own PayU company. "Together, the two expect to create a financial ecosystem handling four billion transactions annually - four times PayU’s current level in India," according to the firm.
BillDesk is a prominent payment company in the nation, having been formed in 2000.
"Together, PayU India and BillDesk will be able to meet the changing payment needs of digital consumers, merchants, and government enterprises in India and offer state-of-the-art technology to even more of the excluded sections of society, while adhering to the regulatory environment in India and delivering robust consumer protection,'' Prosus added.
The deal, which is pending clearance by India's Competition Commission, builds on PayU's past successful acquisitions in the country, including CitrusPay, Paysense, and Wibmo.
Prosus will have invested more than $10 billion in Indian technology as a result of this transaction. "Payments and fintech is a core segment for Prosus, and India remains our number one investment destination," stated Prosus CEO.