• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai , June 21

Billdesk, a payments service provider, has secured strategic financing of $7.5 million (Rs 33.75 crore) from State Bank of India and Clearstone Venture Mauritius, an official statement said.

Commenting on the development, Mr M.N. Srinivasu, Director, Billdesk said, "The investments will help us accelerate our growth plans, increase our breadth and depth of product offerings in the payments business and deploy a new delivery engine based on the latest technological and operational approaches."

The company, pioneering the Payments Service Provider model in India, delivers electronic payments and collections services to India's largest banks and to over 100 large corporations.

Speaking on the investment, Mr M.V. Harshey, DGM, State Bank of India said, "This is our first private equity investment in the Indian market and we are delighted to be a partner in Billdesk's continued rapid growth."

More Stories on : Public Sector Banks | Venture Capital | State Bank of India

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Indian Bank seeks to shrink equity base

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line