Biography of Srinivasu M. N.- Co-founder and director of BillDesk- Entrepreneur
Biography of Srinivasu M. N.
Srinivasu M. N., a co-founder and director of BillDesk,
started his entrepreneurial journey in the year 2000. Before founding BillDesk,
Srinivasu, who has a Post Graduate Diploma in Management (PGDM) from IIM
Ahmedabad, spent nearly a decade working at ITC Limited, followed by a stint at
Arthur Andersen. His diverse background and extensive experience in the
financial sector laid the groundwork for what would become a revolutionary shift
in India’s payment landscape.
Educational Foundation
Srinivasu MN's educational journey began in Chennai, where
he completed his higher secondary education at Vidya Mandir and St. Michael’s
Academy between 1982 and 1985. He then pursued a Bachelor’s degree in Commerce
with a focus on Economics at RKM Vivekananda College, graduating in 1988. To
further his education, Srinivasu earned a Post Graduate Diploma in Management
(PGDM) from the Indian Institute of Management Ahmedabad from 1988 to 1990.
This solid educational background laid a strong foundation for his future career
in business and finance.
Previous Professional Experience
Before co-founding BillDesk, Srinivasu built a diverse
career in finance and consulting. From 1995 to 1999, he worked in the Treasury
(Financial Services) division at ITC Limited in Mumbai. Prior to that, he
served as a Financial Controller at ITC Zeneca Limited in Bengaluru for a year.
His career began at ITC Limited, where he was a Manager in the Agri Businesses
Group from 1990 to 1994. Additionally, he gained consulting experience at
Arthur Andersen Business Consulting for a year from 1999 to 2000. This
extensive experience across various roles and companies helped shape his
expertise in financial management and business strategy.
Meeting the Co-Founders: A Fateful Encounter
In 1999, while at Arthur Andersen, Srinivasu met Ajay
Kaushal and Karthik Ganapathy. The three were deeply involved in consulting for
financial services, a field ripe for transformation as India’s banking sector
prepared for a major digital overhaul. Recognizing the potential in this shift,
they envisioned creating a service that would facilitate electronic payments,
an area still largely unexplored in India.
The Birth of BillDesk: Seizing the Opportunity
The trio decided to create BillDesk, focusing on digital
payments rather than entering the highly competitive fields of online share
trading or lending. Their idea was to connect banks with merchants and utility
companies, providing a platform that enabled smooth transactions without needing
to acquire end-consumers directly. This model was advantageous as it required
minimal consumer acquisition, and BillDesk earned a fee from transactions
facilitated between banks and merchants.
Srinivasu MN is best known as a co-founder and director of
BillDesk, a position he has held since March 2000. Over the past 24 years,
BillDesk has grown into a leading payment solutions provider in India, offering
a range of services that facilitate secure and efficient electronic
transactions. Srinivasu’s role has been crucial in steering the company’s
growth and innovation in the payments industry.
The Evolution of Digital Payments: A Vision for the Future
The digital payments landscape has seen dramatic changes
over the years. When BillDesk started in 2001, online payments were virtually
non-existent. Today, BillDesk’s model has set the standard for bill payments in
India. The founders have continuously adapted, evolving from a bank-centric
model to one that integrates with various electronic channels and third-party
providers. Looking ahead, they see tremendous potential in the Indian fintech
market, driven by proactive regulation and a rapidly growing ecosystem.
Navigating Challenges and Opportunities
India’s digital payments market is highly competitive, but
the founders are optimistic about its future. They compare it to the telecom industry,
where intense competition led to consolidation and maturity. Their hope is that
fintech will follow a similar path, focusing on sustainable business practices
rather than just competing on price. The founders are confident that with the
right approach, India can build globally competitive fintech businesses.
Biography of Srinivasu M. N.-Co-founder & director of BillDesk Entrepreneur/ Investor/Success story of Srinivasu M. N./Age/Net worth/Story of BillDesk
Early Struggles and Breakthroughs
In the initial years, Srinivasu and his co-founders
dedicated their efforts to building demonstration solutions to convince banks
and merchants of their platform's value. It took them four years of relentless
effort before BSNL signed on in early 2006. They also secured seed funding of
$500,000 from SIDBI Venture Capital, which was a crucial step towards gaining
wider acceptance in a market gradually warming to online payments.
A Landmark Deal: The PayU Acquisition
After successfully establishing BillDesk and growing it
significantly, the company was acquired by PayU, a fintech giant owned by
Prosus (formerly Naspers). This acquisition was a milestone in the digital
payments industry, highlighting BillDesk's success and its significant role in
shaping the market. Despite media speculation about the company seeking buyers,
Srinivasu remained focused on the company's growth and dismissed rumors,
emphasizing his commitment to BillDesk.
Building Trust Through Performance
Srinivasu and his co-founders chose not to actively seek
media attention, instead relying on the quality of their service to build their
reputation. They believed that delivering excellent service would naturally
lead to word-of-mouth endorsements. By 2003, the top banks had joined their platform,
and since then, client acquisition came through referrals rather than direct
pitches.
A Shift in Strategy: Adapting to New Realities
If BillDesk were to start today, Srinivasu acknowledges that
they would likely adopt a different strategy, leveraging social media and other
modern channels for promotion. However, their initial low-profile approach
proved effective for their B2B model, which thrived on the strength of their
relationships with banks and merchants.
The Reasons Behind the Sale
Srinivasu explains that the decision to sell was not
influenced by fatigue but rather by the opportunity to provide liquidity for
long-standing investors and to align with a partner like Prosus, which offered
a blend of financial backing and strategic growth. The acquisition was viewed
as a way to enhance BillDesk’s capabilities and ensure a robust future for the
platform.
Future Plans: Staying on Board
Following the acquisition, Srinivasu plans to stay with
BillDesk and continue driving its growth. His focus remains on leveraging the
scale provided by the merger with PayU to further innovate and expand the
platform. Despite the financial success, his commitment to the company’s
mission remains strong.
The Evolution of BillDesk: Leading the Market
BillDesk's model has evolved significantly since its
inception. Initially, the company’s focus was on integrating utility companies
and banks, allowing customers to pay bills through their banks. As the digital
landscape advanced, BillDesk adapted its approach, presenting all banking
options on utility websites to cater to various customer preferences and
embracing new technologies.
Future Plans: Building and Scaling
Post-acquisition, the founders plan to stay deeply involved
with BillDesk. Their commitment is unwavering, driven by their passion for
digital payments and the opportunity to scale the business further. The focus
will be on leveraging the combined strength of BillDesk and PayU to drive
innovation and growth in the digital payments landscape. The founders are
determined to build on their success and continue evolving with the market.
The Future of Digital Payments: A Vibrant Market
Srinivasu highlights the unique aspects of the Indian
fintech market, including its proactive regulatory environment and rapid
digital adoption. He acknowledges that while competition is fierce, the
regulatory framework supports market growth and ensures customer protection,
making India a vibrant and promising market for fintech innovations.
The Road Ahead: Potential for an IPO
Regarding future plans for an IPO, it’s clear that any
decision would be up to Prosus. The founders are open to the idea if it aligns
with Prosus’s strategy and provides a viable return for investors. However,
their primary focus remains on building and scaling BillDesk in collaboration
with PayU, ensuring continued success and innovation in the digital payments
sector.
The Decision to Sell: A Strategic Move
Despite years of speculation about a potential sale, the
actual decision to sell BillDesk came from strategic considerations rather than
investor pressure or personal fatigue. In 2021, the founders began exploring an
IPO to provide liquidity to long-standing investors. However, when Prosus, a
global investment group, presented a compelling offer, it was a game-changer.
Prosus's proposal was not only financially attractive but also strategically
aligned with BillDesk’s growth ambitions, especially with Prosus’s existing
presence in India through PayU.
Investing and Moving Forward
While Srinivasu and his co-founders have been approached for
advice and funding by various startups, their primary focus remains on
BillDesk. They believe in investing in their own venture and continuing to
build on its success, rather than diverting their attention to new investments.
Looking Ahead: Opportunities and Challenges
With the PayU acquisition, BillDesk is well-positioned to
leverage synergies and drive further innovation. The combined platform aims to
scale operations and enhance the efficiency of digital payments in India.
Srinivasu acknowledges that while the market is competitive, the focus should
be on sustainable growth and responsible business practices, avoiding the
pitfalls seen in other sectors.
A timeline of Srinivasu M. N.’s career and BillDesk’s
evolution:
1982-1985: Higher Secondary Education, Vidya Mandir and St.
Michael’s Academy, Chennai
1988: Bachelor’s Degree in Commerce, RKM Vivekananda College
1988-1990: PGDM, Indian Institute of Management Ahmedabad
1990-1994: Manager, Agri Businesses Group, ITC Limited
1995-1999: Treasury (Financial Services) Division, ITC
Limited
1999-2000: Consultant, Arthur Andersen Business Consulting
2000: Co-founded BillDesk
2001: BillDesk officially launched
2003: Major banks joined BillDesk’s platform
2006: Secured significant deal with BSNL and seed funding from SIDBI Venture Capital
2021: BillDesk was acquired by PayU, a fintech giant
Post-Acquisition: Srinivasu plans to stay with BillDesk to
drive growth and innovation
