Digital payments service BillDesk’s profit declines 39% to Rs 149 crore, revenue grows to Rs 2,442 crore in FY22

IndiaConcepts.com Ltd, which operates fee gateway service supplier, BillDesk, has seen its general revenue decline 39% within the fiscal yr ended March 31, 2022 (FY22) to Rs 149.6 crore from Rs 245.5 crore within the yr in the past interval.

As earnings declined, income from operations for the entity grew by 15% to Rs 2,442.8 crore in FY22 in comparison with Rs 2,124.2 crore in FY21, in keeping with firm filings sourced from business intelligence platform Tofler.

In comparability, BillDesk’s arch rival Razorpay reported a rise in internet revenue to Rs 7.37 crore in FY22, in comparison with Rs 6.18 crore in FY21. Razorpay’s income from operations for FY22 stood at Rs 1,481.1 crore.

Total consolidated revenues for the BillDesk’s guardian stood at Rs 2,513.8 crore for FY22, firm filings confirmed.

This comes after Prosus, the funding arm of South African multinational Naspers, terminated its $4.7 billion acquisition of BillDesk final October, by the Dutch-listed firm’s Indian subsidiary PayU Payments.

The “abrupt move” was triggered largely by the continuing correction in international markets that rendered the year-old transaction “over-priced”, ET had reported earlier.

Further, Prosus’ determination to again out from what would have been the second largest buyout of an Indian expertise startup, got here at a time when India’s anti-trust regulator – Competition Commission of India (CCI) – had authorized the contours of the deal that was first introduced in August 2021.For FY22, whole bills for BillDesk stood at Rs 2,294.9 crore, from Rs 1,879.9 crore within the earlier fiscal. Employee prices additionally elevated to Rs 181.2 crore in FY22 for the entity.

BillDesk supplies digital fee acceptance providers to companies and fees charges for processing and settlement of those funds, which contributes a predominant share to its general revenues.

Total revenues from offering these expertise providers grew 18% to Rs 1,878.6 crore in FY22. It additionally earns revenues by means of managed loyalty programmes which contributed to Rs 258.3 crore to the entity’s revenues within the earlier fiscal.

According to a current notification from the Reserve Bank of India (RBI), IndiaConcepts has additionally obtained in-principle authorisation from the regulator for its fee aggregator license.

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