PayU Payments Private Limited signed an agreement to acquire IndiaIdeas.com Limited from General Atlantic Service Company, L.P., Temasek Holdings (Private) Limited, Clearstone Venture Partners, Visa Inc. (NYSE:V) and others for approximately INR 350 billion on August 31, 2021. PayU will acquire IndiaIdeas.com on a cash free, debt free basis and subject to a normalized level of working capital at Closing. The acquisition is structured as an all-cash transaction with the purchase price payable at Closing.

For the year ended March 31, 2021, IndiaIdeas.com Limited reported net assets of INR 18.88 billion and profit after tax of INR 2.71 billion. The transaction is subject to customary conditions precedent and approval from the Competition Commission of India. As of February 22, 2022, Indian competition regulator has called for more information on the transaction.

Ashwath Rau, Vipul Jain and Aditya Singh Chandel of AZB & Partners acted as legal advisor to Visa Inc. Avendus Capital and PJT Partners, LP acted as financial advisor while Yogesh Singh, Harsh Jain, Nisha Kaur Uberoi, Nikhil Narendran, Atul Gupta, Himanshu Sinha, Jyotsna Jayaram, Gautam Chawla, Sibani Saxena, Sumi Saikia, Sonam Mathur, Deepthi Rajeev, Komal Dani, Saurabh Arora, Ratnavel Pandian, Harshita Parmar, Mathew George, Thomas J. Vallianeth, Parvathy Tharamel and Manasa Sundarraman of TriLegal Partners acted as legal advisor to PayU Payments Private Limited in the transaction. Shardul Amarchand Mangaldas advised Billdesk and its founders, by a team led by Raghubir Menon, Natashaa Shroff and Shiladitya Banerjee.