TA Associates Advisory director Dhiraj Poddar said that BillDesk has enjoyed significant growth and strong financial performance by offering simple, convenient and secure services beneficial to consumers, banks and merchants.
"BillDesk has a highly skilled management team who understands the evolving payments space in India and is successfully executing on a sound business plan. We are very pleased to have advised on this investment and look forward to working closely with BillDesk to further build value in the company," Poddar said.
The acquisition of minority stake in Indian firm is a part of TA Associates strategy to fortify its presence in booming online payment market.
The company said that extensive BillDesk network used by over 50 of India’s largest banks and by industry segments, such as utilities, telecom, insurance, mutual funds, travel and e-commerce will give deep penetration in the Indain market.
BillDesk assists merchants and financial institutions by offering a wide range of channels for their customers to make payments and receive monies, securely and efficiently.
Khaitan & Co and Goodwin Procter provided legal advice to TA Associates, while AZB & Partners served as legal counsel to BillDesk.
