Mumbai-based digital payments gateway Billdesk has posted ₹929 crore in revenue from operations, registering a 40% growth in FY18. The firm also witnessed a 15% growth in revenues, standing at ₹148 crore, according to the filings with the Ministry of Corporate Affairs, sourced from Tofler, by Economic Times.
The digital payments firm has been on a continuous growth trajectory, witnessing revenue growth of 30% in FY17 and 40% in FY16. Billdesk continues to grow, despite being hit by falling merchant discount rates, the fee charged from a merchant per transaction.
As the revenue continues to soar, the firm also saw its employee benefit expenses rise slightly to ₹43 crore in FY18, from ₹37 crore in the previous fiscal.
Billdesk was founded by M N Srinivasu, Ajay Kaushal and Karthik Ganapathy in 2000. The gateway was created with the aim to simply payments process by leveraging technology. It processes over $60 billion of digital payments a year and provides customers payment options, including credit cards and online wallets, to carry out purchases.
Earlier this month, it was reported that Billdesk raised an undisclosed amount of funds from US-based payments processor Visa. The reports suggest that Billdesk has crossed the valuation of $1 billion, joining the elite coveted club.
In January 2016, Billdesk raised an undisclosed amount of funds from March Capital Partners. It also counts TA Associates, State Bank Of India, and Clearstone Venture Partners, among its investors.