Even for an industry so frequently the place of massive deals and ever more staggering fiscal achievements, last year’s announced acquisition by Prosus was seen as something truly remarkable. The global investment group owned by South African multinational Naspers was preparing to purchase the Indian online payment gateway company BillDesk for $4.7 billion in an all cash acquisition, a move that would make it one of the largest tech investors in both the European and South Asian markets.
Unfortunately, the world of late 2022 is a very different place. In an announcement by Prosus at the beginning of October, it said that “certain conditions” were unfulfilled by the September 30 deadline, and as such the deal would no longer go through.
“Prosus has been a long-term investor and operator in India — investing close to US$6 billion in Indian technology companies since 2005,” the company said in a press release. “Prosus remains committed to the Indian market and growing its existing businesses within the region.”
The decision not to move forward with the acquisition has come as a surprise to many financial experts. The company was recently granted approval by a key Indian antitrust watchdog group to proceed with the purchase, and BillDesk has been attracting increased attention from investors thanks to its impressive share of the Indian digital payments market.