BillDesk FY18 net profit grows 8%, revenue climbs nearly 23%

Payment gateway firm BillDesk has reported an 8% rise in consolidated net profit for the year through March 2018, as per its filings with the Ministry of Corporate Affairs.

Net profit grew to Rs 148.9 crore from Rs 137.9 crore the year before, the filings show. 

Consolidated operational revenue increased 22.6% to Rs 1,102.8 crore from Rs 899.7 crore while total expenditure grew at a similar pace to Rs 943.7 crore from Rs 772.7 crore.

Both revenue and net profit grew at a slower pace than the year before; net sales had jumped 71% while profit had soared 120% in 2016-17.

BillDesk, operated by Mumbai-based IndiaIdeas.com Ltd, did not immediately respond to email queries. 

Earlier this month, multinational payments processor Visa Inc. picked up a minority stake in BillDesk. The funding will be used to develop new product lines for BillDesk’s payments and loyalty businesses and also expand its footprint into other regions.

BillDesk was founded in 2000 by former Arthur Anderson employees MN Srinivasu, Ajay Kaushal and Karthik Ganapathy. It provides electronic transaction processing services to banks, e-commerce companies, telecom operators and state utilities.

Private equity firms General Atlantic, TA Associates, Clearstone Venture Partners and Singapore state investment firm Temasek are among its other investors.

The company acquired Mumbai-based Loylty Rewardz Management Pvt. Ltd for $20 million in March 2015 and bought a financial technology product from a Kochi-based company in early 2017.

BillDesk competes with billing aggregators such as Citrus Payment Solutions, CCAvenue, Oxigen and RazorPay.