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BillDesk to acquire Worldline’s India payment biz for $70.8 Mn

EntrackrEntrackr · 2d ago
BillDesk to acquire Worldline’s India payment biz for $70.8 Mn
Medial

BillDesk to acquire Worldline’s India payment biz for $70.8 Mn Indian payments firm BillDesk has entered into an agreement to acquire the Indian payment operations of French payments major Worldline SA for an estimated equity value of about $70.8 million. As part of the transaction, Worldline will also enter into a long-term technology and software partnership with BillDesk, under which the Indian payments company will continue to use Worldline’s payment software on an ongoing basis. The deal values Worldline’s India business at an enterprise value of $43.7 million. Worldline said the proposed sale is part of its broader strategy to sharpen its focus on core payment activities in Europe, streamline operations, and optimise resource allocation. The cash proceeds from the transaction are expected to strengthen the group’s financial profile and support capital redeployment towards its core businesses. In May last year, Worldline received approval from the Reserve Bank of India to operate as a cross border payment aggregator in India. The RBI authorisation allowed Worldline’s Indian arm to facilitate online import and export transactions for merchants under the formal regulatory framework. Following the acquisition, BillDesk is expected to benefit from Worldline’s technology capabilities while consolidating its position in the payments ecosystem. According to its consolidated financial statements for FY24, BillDesk’s revenue from operations declined to Rs 2,334 crore from Rs 2,678 crore in the previous year, while profit after tax fell to Rs 121 crore from Rs 142 crore. The company reported cash and bank balances of Rs 930 crore at the end of FY24. Its FY25 results are yet to be announced. Worldline India reported revenue from operations of Rs 694 crore in FY25, while posting a loss of Rs 22.5 crore. Worldline said that the combined net cash proceeds from all its previously announced divestments, including MeTS, Worldline North America, Cetrel, PaymentIQ and its India business, are estimated to be between $637.2 million and $696.2 million, with the proceeds expected to be received in 2026. The closing of the BillDesk Worldline India transaction is expected in the second half of 2026.

Exclusive: CashFlo all set to acquire LogiTax to foray into enterprize biz

EntrackrEntrackr · 1y ago
Exclusive: CashFlo all set to acquire LogiTax to foray into enterprize biz
Medial

Finance automation and payments platform CashFlo is all set to acquire tax compliance management solution provider LogiTax, sources aware of the development told Entrackr. As per sources, the deal will help CashFlo to foray into enterprize business. Founded in 2018 by Ankur Bhageria and Dushyant Agarwal, CashFlo helps vendors to access short-term capital while it enables corporates to optimize working capital flow and increase topline by managing their supply chain’s finances efficiently. In September 2022, CashFlo raised nearly $9 million led by General Catalyst with participation from existing investor, Elevation Capital. So far, the Mumbai-based firm has raised over $12 million. Pune-based LogiTax is an end-to-end tax compliance management solution which helps in managing GST filing to auto-validating invoicing data to generate e-invoices and keeping data audit-ready. Its product suite is available for ERP partners, SMEs and corporates. Founded by Aditya Kulkarni, LogiTax is a bootstrapped firm launched in 2017. It competes with Clear (formerly Cleartax), Treflo, myGSTcafe, myBillBook and Vyapar. Sources also added that the term sheet has been signed and the official announcement may happen soon. Post acquisition, Kulkarni will lead the enterprize business of CashFlo. Queries sent to CashFlo and LogiTax did not elicit any response. We’ll update the post in case they do. CashFlo was chasing growth at a high cost and this could be evident from its financial performance in FY23. As per startup data intelligence platform TheKredible, the firm registered a two fold jump in its operating revenue to Rs 4.73 crore in FY23 while its losses stood at Rs 21.52 crore during the same period. On the other side, LogiTax recorded Rs 2.12 crore revenue and Rs 12.34 lakh losses in FY23. Both companies are yet to file their FY24 numbers.

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