$4.7 billion PayU deal termination a setback for Indian fintech industry, says BillDesk Co-Founder

A “setback” for India’s fintech industry, that's the first word from BillDesk’s co-founder on the aborted $4.7 billion deal with PayU, which would have been one of the largest fintech deals in the country.

Speaking to CNBC-TV18's Ritu Singh, Billdesk's co-founder Srinivasu M N says the deal's termination was a "disappointment", adding that this will create a trust deficit on how Indian companies view foreign investors.

“It has been a disappointment for the industry and it has also been a setback from a fintech industry perspective of what would have been a large deal and the manner in which it was, perhaps called off. So we will just have to wait for time to see how this evolves,” Srinivasu said,