Asian Tech Press (Aug 31)-- Prosus announced that it has agreed to acquire the Indian payments platform BillDesk for $4.7 billion to complement its PayU business in India.

The company stated that the two companies hope to create a financial ecosystem that processes 4 billion transactions per year, four times the size of PayU's current operations in India.

Founded in 2000, BillDesk is one of India's largest payments platforms, with a net profit after tax of 2.71 billion rupees (about $37.05 million) for the last fiscal year ending in March.

Prosus is a holding company that was spun off from South Africa's Naspers in 2019 to hold Naspers' international internet assets. After the split, all of Naspers' stake in Tencent was taken over by Prosus.

Prosus said Tuesday that the acquisition of BillDesk would bring its investment in the Indian market to more than $10 billion.