Fintech wasn’t even a word when the three young entrepreneurs started out with their company. Here’s a story of vision beyond industry standards.
Karthik Ganapathy, MN Srinivasu and Ajay Kaushal were three young graduates having been trained in the art of management from the prestigious Indian Institute of Management (IIM). Their paths intersected during corporate stints at a US-based accounting firm called Arthur Andersen.
Unsure about the future yet filled with entrepreneurial urge, the three left their cushy jobs and set out on the path to create a fintech company that is now worth more than Rs 34,000 crore. Read on to know their story.
1. Founding a future giant
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The trio of Vasu, Karthik and Ajay left their successful corporate careers to get behind the idea of connecting finance and technology. When they set about with their venture, there were not more than 50,000 internet users in India. As co-founder Srinivasu recently told a leading business daily, “… when we started in 2000, It was just gut-feel that it would be a great opportunity to build something at the intersection of finance and tech.”
2. Making massive profits for over a decade
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In less than a decade of its operations, their company BillDesk was making huge profits by 2007. While the first investments in the company came in 2001, the first landmark investment was $7.5 million by Clearstone Venture Partners and State Bank of India in 2006. In 2015, they became the owners of a billion-dollar company. In financial year 2021, their company's gross revenue stood at around Rs 1,800 crore ($253 million), with BillDesk taking care of around 60% of all billing transactions in India.
3. Hitting the jackpot
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The trio has now received a windfall after the buyout of their company BillDesk was closed by Prosus, an investment firm for $4.7 billion (around Rs 34,376 crore). With the massive sale, each of Ajay Kaushal, Karthik Ganapathy and MN Srinivasu will take home in excess of Rs 3,500 crore each ($500 million) for their stake of 31% in the company. Now that’s called creating a successful company.
Pics courtesy: Twitter/ @billdesk, Instagram screengrab
