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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Prosus walks away from a deal that would have made it the owner of India’s largest payment gateway business. Why?
Editor's note: Prosus, the parent company of PayU India, has walked away from its $4.7 billion commitment to acquire BillDesk a little over a year after first announcing the deal. The Amsterdam-headquartered investment group said in a stock exchange filing on Monday that “certain conditions” were not met before the time frame agreed upon to consummate the deal with the Indian payment gateway. An excerpt from the filing: “PayU secured CCI approval on 5 September 2022. However, certain conditions precedent were not fulfilled by the 30 September 2022 long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented.” A long stop date is the time frame agreed to by all parties in a merger, acquisition or equity purchase for the deal to be completed. The deal to acquire BillDesk by PayU, had it proceeded to fruition, would have been the second largest in India’s startup and internet sector, eclipsed only by Walmart’s $16 billion acquisition of Flipkart in 2018. More importantly, the merged entity would have been by far …
Prosus walks away from a deal that would have made it the owner of India’s largest payment gateway business. Why?
Editor's note: Prosus, the parent company of PayU India, has walked away from its $4.7 billion commitment to acquire BillDesk a little over a year after first announcing the deal. The Amsterdam-headquartered investment group said in a stock exchange filing on Monday that “certain conditions” were not met before the time frame agreed upon to consummate the deal with the Indian payment gateway. An excerpt from the filing: “PayU secured CCI approval on 5 September 2022. However, certain conditions precedent were not fulfilled by the 30 September 2022 long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented.” A long stop date is the time frame agreed to by all parties in a merger, acquisition or equity purchase for the deal to be completed. The deal to acquire BillDesk by PayU, had it proceeded to fruition, would have been the second largest in India’s startup and internet sector, eclipsed only by Walmart’s $16 billion acquisition of Flipkart in 2018. More importantly, the merged entity would have been by far …
The Walmart-owned e-commerce company has entered microdramas and food delivery. Is it thinking long-term or just chasing a trend?
In less than two years, the instant delivery startup that puts quality above all else has attracted marquee VC investors, earning a valuation of $255 million. How far the niche bet will take it is anybody’s guess.
A churn in venture capital collides with the fear of missing the AI wave, while the Ajay Singh-led airline’s recurring crises raise deeper questions.
The Walmart-owned e-commerce company has entered microdramas and food delivery. Is it thinking long-term or just chasing a trend?
In less than two years, the instant delivery startup that puts quality above all else has attracted marquee VC investors, earning a valuation of $255 million. How far the niche bet will take it is anybody’s guess.
A churn in venture capital collides with the fear of missing the AI wave, while the Ajay Singh-led airline’s recurring crises raise deeper questions.
