After weeks of delays and additional questions, the Competition Commission of India (CCI) has authorized Naspers' PayU's $4.7 billion acquisition of payment portal BillDesk, the competition watchdog announced on September 5. While the CCI's comprehensive order is anticipated, permission for India's second largest internet deal after Walmart's acquisition of Flipkart in 2018 was long awaited. According to various sources, CCI also contacted PayU and BillDesk competitors for advise on the purchase. Both companies compete with Razorpay, Pine Labs, Paytm, Infibeam Avenues, MSwipe, and others. BillDesk, founded in 2000 by MN Srinivasu, Ajay Kaushal, and Karthik Ganapathy, focuses on payment processing,
Nubank co-leads $45 million investment in Indian neobank Jupiter
Industry veteran Jitendra Gupta’s neobank for consumers in India Jupiter has raised $45 million in a new financing round as the Bangalore and Mumbai-based startup gears up for its platform’s public launch in about a month.
The new financing round, a Series B, was co-led by Brazil-based Nubank, Global Founders Capital, Sequoia Capital and Matrix Partners India. Mirae Assets Venture also joined the round and existing investors including Addition Ventures, Tanglin VC, 3one4 Capital, Greyhound and Beenext also participated.
The new round values the two-year-old Indian startup, which has raised $70 million to date, at over $300 million.