The Competition Commission of India (CCI) on Monday approved payments service provider PayU’s $4.7-billion acquisition of payment gateway platform BillDesk almost a year after the deal was signed. The deal is touted to be one of the largest in the internet segment in India after Walmart’s $16-billion acquisition of Flipkart in 2018.

The acquisition will allow PayU’s lead investor Prosus Ventures to scale up its payments and fintech business in India and abroad. PayU currently operates which operates in more than 20 markets, as one of the leading online payment providers globally by total payment volume (TPV), aggregating $147 billion.

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The deal will also bring Prosus’s cumulative investment in Indian tech to over $10 billion, the company said in a statement last year. “Together, PayU India and BillDesk will be able to meet the changing payments needs of digital consumers, merchants and the Government enterprises in India and offer state-of-the-art technology to even more of the excluded sections of society, while adhering to the regulatory environment in India and delivering robust consumer protection,” Prosus’ statement said.

The deal was delayed for almost a year as the CCI sought additional information from both parties involved in the deal after it flagged a potential monopoly issue in the payment gateway space. The deal marks PayU’s fourth fintech acquisition in India in less than five years, after CitrusPay, Paysense and Wibmo.

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“Together, PayU India and BillDesk will be able to meet the changing payments needs of digital consumers, merchants and government enterprises in India and offer state-of-the-art technology to even more of the excluded sections of society,” the companies said in a statement last year. Founded in 2000, BillDesk’s TPV stood at over $90 billion in FY21, the firm’s website showed. PayU India and BillDesk which run complementary businesses within India’s digital payment industry jointly expect to handle 4 billion transactions annually, four times that of PayU’s current level in the country.