Aditya Awasthee

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MASSIVE!!

PayU (owned by Prosus Group) has called off its $4.7 billion acquisition of BillDesk -- the largest fintech M&A in India

The deal got approved by the competition watchdog CCI in early September -- about a year after the deal was announced

But Prosus says that "certain conditions precedent were not fulfilled by the 30 September 2022 long stop date" and has called off the deal. The details of what conditions

Why does it matter? Because it was a CASH deal, which is rare in India internet

It would have meant a $1.4 billion payday for the three founders, who have been building the company for over two decades. And over $3 billion for its investors (see graphic)