Prosus NV (OTCMKTS: PROSF) Expanding in India With $4.7 Billion BillDesk Acquisition

Operation Vala Zonke launched in Northern Cape

The Premier of the Northern Cape, Dr Zamani Saul, together with the MECs for Roads and Public Works, Ms Fufe Makatong, and Transport, Safety and Liasion, Ms Nomandla Bloem, joined by a team from SANRAL led by the Regional Manager, Mr Randal Cable, today launched the roll out of the provincial leg of Operation Vala Zonke. This is a national campaign aimed at repairing potholes.

Response to a Social Media post of a patient living with a disability waiting for a file

South Africa: Limpopo department of health has noted the story circulating on social media of a patient living with disabilities waiting for a file at Siloam Hospital.

Dominica continuously making new investments in education sector

Roseau, Dominica: The government of Dominica is making a new investment in the education sector without taking any break. The goal of the Caribbean country is to prepare youngsters for the future and utilize the new, modern technologies in order to advance the sector.

Official opening of Eastern Cape Arts Exhibition

South Africa: The Eastern Cape Arts Exhibition opened today at the Nelson Mandela Metropolitan Art Museum in St. George's Park.

Prosus NV (OTCMKTS: PROSF) is increasing its investment in India after it announced a $4.7 billion deal for BillDesk. The deal for the payment platform makes Prosus one of the largest players in India’s burgeoning fintech industry.

Prosus to acquired BillDesk
The Netherlands-based Prosus has been keen on the fintech sector in India, but the acquisition of BillDesk is so far its largest investment. Prosus said that BillDesk would supplement operations of its PayU business currently available in Europe, Latin America, and India.

The company’s CEO, Bob van Dijk said, “This is really a transformative transaction for PayU and its position as one of the leading payment and fintech providers in India and actually in the world.”
Prosus was spun off from South Africa’s Naspers Limited (OTCMKTS: NPSNY) in 2019. It currently owns stakes in several consumer internet firms in educational software, fintech, food delivery, and online marketplace. In addition, the company owns 28.9% interest in China’s Tencent, and it is so betting that the long-term investments will fill a wide valuation gap. As a result, this will give Prosus a name acknowledgment as a leading aggressive tech investor in the world.

The pandemic has helped the growth of the payments sector globally. In the year ended March 31, 2021, PayU processed around $55 billion payments, a 51% YoY increase. BillDesk, on the other hand, processed payments worth $92 billion over the same period. The payments platform generated a net profit of $37.05 million for the year ending March 31, 2021, indicating that the acquisition price is almost 100X earnings.

BillDesk’s valuation is justified given its profit margins and leadership position
PayU CEO Laurent le Moal, the PayU CEO, defended the valuation stating that it is justifiable considering the rapid growth experienced in BillDesk’s market, its profit margins, leadership position, and potential for merged companies to foray into the sector. However, the deal is subject to meeting customary conditions and regulatory approvals.

Operation Vala Zonke launched in Northern Cape

The Premier of the Northern Cape, Dr Zamani Saul, together with the MECs for Roads and Public Works, Ms Fufe Makatong, and Transport, Safety and Liasion, Ms Nomandla Bloem, joined by a team from SANRAL led by the Regional Manager, Mr Randal Cable, today launched the roll out of the provincial leg of Operation Vala Zonke. This is a national campaign aimed at repairing potholes.

Response to a Social Media post of a patient living with a disability waiting for a file

South Africa: Limpopo department of health has noted the story circulating on social media of a patient living with disabilities waiting for a file at Siloam Hospital.

Dominica continuously making new investments in education sector

Roseau, Dominica: The government of Dominica is making a new investment in the education sector without taking any break. The goal of the Caribbean country is to prepare youngsters for the future and utilize the new, modern technologies in order to advance the sector.

Official opening of Eastern Cape Arts Exhibition

South Africa: The Eastern Cape Arts Exhibition opened today at the Nelson Mandela Metropolitan Art Museum in St. George's Park.

Deputy Minister Nocawe Mafu congratulates Team SA on pocketing more medals at the 2022 Commonwealth Games

Birmingham (UK): Team South Africa added four more medals to their collection at the ongoing Commonwealth Games in Birmingham on Saturday.

Female law enforcement officers kick off women’s month with special operations

South Africa: 3816 (Three thousand eight hundred sixteen) vehicles were checked, and 184 traffic fines were issued at roadblocks conducted by 238 female law enforcement officers and other stakeholders across the five municipal districts in the province.