Promoters of BillDesk plan to sell-off the entire business in the wake of rising competition in digital payment services space and a thriving e-commerce industry in the country. Eight investment banks have been mandated to find a buyer for BillDesk. The start-up was founded in 2000 but is now up against the likes of Google Pay, Phone Pe and Paytm.

BillDesk currently handles 50-60% of billing in India. BillDesk is seeking a valuation of up to $2 billion and is in talks with PayU, American Express and PayPal. Visa had bought a minority stake in BillDesk last year valuing the company at $1.8 billion. BillDesk wants to exit before digital payment platforms and e-wallets embedded with e-commerce benefits take over.

Some of the Marquee investors in BillDesk include General Atlantic Partners, TA Associates, Clearstone Ventures and Temasek Holdings. However, competition has heated up in the payments industry as wallets have become rampant. BillDesk handles $60 billion worth of transactions every year and is the largest payment gateway company in India.